Group 1 - Crown Castle Inc. will have a presentation at Nareit's REITweek: 2025 Investor Conference on June 4, 2025, at 2:45 p.m. Eastern Time [1] - The presentation will be led by Dan Schlanger, Interim President and CEO, and Sunit Patel, Executive Vice President and CFO, and is expected to last approximately 30 minutes [1] - The live audio webcast of the presentation will be available on Crown Castle's website and archived for replay for 30 days [1] Group 2 - Crown Castle owns and operates over 40,000 cell towers and approximately 90,000 route miles of fiber across major U.S. markets [2] - The company's infrastructure supports small cells and fiber solutions, connecting cities and communities to essential data and wireless services [2] - Crown Castle's portfolio plays a crucial role in delivering information, ideas, and innovations to businesses and individuals [2]

[Filing Information](index=1&type=section&id=Filing%20Information) Provides essential details about the Form 10-Q filing, registrant, and securities status [Form 10-Q Details](index=1&type=section&id=Form%2010-Q%20Details) Identifies the document as a Quarterly Report on Form 10-Q for Q1 2025 filed by Crown Castle Inc - The document is a Quarterly Report on Form 10-Q for the period ended March 31, 2025[2](index=2&type=chunk) - The registrant is **CROWN CASTLE INC**[3](index=3&type=chunk) [Registrant Information](index=1&type=section&id=Registrant%20Information) Crown Castle Inc. is a Delaware corporation with its principal executive office in Houston, Texas - State of incorporation: **Delaware**[4](index=4&type=chunk) - Address of principal executive office: **8020 Katy Freeway, Houston, Texas 77024**[4](index=4&type=chunk) - Registrant's telephone number: **(713) 570-3000**[4](index=4&type=chunk) [Securities and Filer Status](index=1&type=section&id=Securities%20and%20Filer%20Status) The company's common stock is listed on the NYSE, and it is classified as a large accelerated filer | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :---------------------------------------- | | Common Stock, $0.01 par value | CCI | New York Stock Exchange | - The registrant is a **Large accelerated filer**[6](index=6&type=chunk) - Number of shares of common stock outstanding at May 7, 2025: **435,458,808**[6](index=6&type=chunk) [Index](index=2&type=section&id=Index) Provides a table of contents for the Form 10-Q, outlining financial information and other disclosures - The report is divided into PART I—FINANCIAL INFORMATION and PART II—OTHER INFORMATION[8](index=8&type=chunk) - PART I includes Financial Statements, Management's Discussion and Analysis, Quantitative and Qualitative Disclosures About Market Risk, and Controls and Procedures[8](index=8&type=chunk) - PART II includes Legal Proceedings, Risk Factors, Other Information, and Exhibits[8](index=8&type=chunk) [Cautionary Language Regarding Forward-Looking Statements](index=2&type=section&id=Cautionary%20Language%20Regarding%20Forward-Looking%20Statements) Identifies forward-looking statements, outlines their scope, and warns of potential differences in actual results - Forward-looking statements are identified by words such as 'estimate,' 'anticipate,' 'project,' 'plan,' 'intend,' 'believe,' 'expect,' 'likely,' 'predicted,' 'positioned,' 'continue,' 'target,' 'seek,' 'focus' and similar expressions[10](index=10&type=chunk) - Examples of forward-looking statements include the full year 2025 outlook, strategy, demand for towers, liquidity, dividends, and the pending sale of the Fiber Business[10](index=10&type=chunk) - Actual results may vary materially from expectations due to various risks, uncertainties, and assumptions, including those described in 'Item 1A. Risk Factors' of the 2024 Form 10-K[11](index=11&type=chunk) [Interpretation](index=3&type=section&id=Interpretation) Defines key terms and references used throughout the Form 10-Q to ensure consistent understanding - The term 'including' means 'including without limitation'[14](index=14&type=chunk) - The terms 'we,' 'our,' 'our company,' 'the company' or 'us' refer to Crown Castle Inc. ('CCI') and its predecessor, and their subsidiaries[14](index=14&type=chunk) - References to 'U.S.' are to the United States of America and Puerto Rico, collectively[14](index=14&type=chunk) [PART I—FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) Presents unaudited condensed consolidated financial statements, notes, and management's discussion and analysis [ITEM 1. FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Provides unaudited condensed consolidated financial statements and notes, explaining accounting policies and items [CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEET%20(Unaudited)) Details the company's financial position as of March 31, 2025, and December 31, 2024, including reclassification of Fiber Business | Metric | March 31, 2025 (Millions) | December 31, 2024 (Millions) | Change (Millions) | | :-------------------------------- | :-------------------------- | :--------------------------- | :---------------- | | Total assets | **$31,760** | **$32,736** | **$(976)** | | Total liabilities | **$33,013** | **$32,869** | **$144** | | Total equity (deficit) | **$(1,253)** | **$(133)** | **$(1,120)** | | Current assets of discontinued operations | **$442** | **$429** | **$13** | | Non-current assets of discontinued operations | **$10,163** | **$10,968** | **$(805)** | | Current liabilities of discontinued operations | **$689** | **$710** | **$(21)** | | Non-current liabilities of discontinued operations | **$1,518** | **$1,534** | **$(16)** | [CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited)](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20INCOME%20(LOSS)%20(Unaudited)) Reports the company's financial performance for Q1 2025 and 2024, highlighting revenues, expenses, and net income (loss) | Metric | Three Months Ended March 31, 2025 (Millions) | Three Months Ended March 31, 2024 (Millions) | Change (Millions) | % Change | | :---------------------------------------------------------------- | :------------------------------------------- | :------------------------------------------- | :---------------- | :------- | | Net revenues | **$1,061** | **$1,114** | **$(53)** | **(4.8%)** | | Operating income (loss) | **$521** | **$520** | **$1** | **0.2%** | | Income (loss) from continuing operations | **$284** | **$294** | **$(10)** | **(3.4%)** | | Income (loss) from discontinued operations, net of tax | **$(748)** | **$17** | **$(765)** | **(4500%)** | | Net income (loss) | **$(464)** | **$311** | **$(775)** | **(249.2%)** | | Net income (loss)—basic per common share | **$(1.07)** | **$0.72** | **$(1.79)** | **(248.6%)** | | Net income (loss)—diluted per common share | **$(1.07)** | **$0.71** | **$(1.78)** | **(250.7%)** | [CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS%20(Unaudited)) Details cash flows from operating, investing, and financing activities for Q1 2025 and 2024, showing changes in net cash | Cash Flow Activity | Three Months Ended March 31, 2025 (Millions) | Three Months Ended March 31, 2024 (Millions) | Change (Millions) | | :---------------------------------------------------------------- | :------------------------------------------- | :------------------------------------------- | :---------------- | | Net cash provided by (used for) operating activities | **$641** | **$599** | **$42** | | Net cash provided by (used for) investing activities | **$(255)** | **$(320)** | **$65** | | Net cash provided by (used for) financing activities | **$(403)** | **$(261)** | **$(142)** | | Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | **$(17)** | **$18** | **$(35)** | [CONDENSED CONSOLIDATED STATEMENT OF EQUITY (DEFICIT) (Unaudited)](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20EQUITY%20(DEFICIT)%20(Unaudited)) Outlines changes in stockholders' equity (deficit) for Q1 2025 and 2024, reflecting net loss, stock-based compensation, and dividends | Metric | Balance, December 31, 2024 (Millions) | Balance, March 31, 2025 (Millions) | | :------------------------------------ | :------------------------------------ | :----------------------------------- | | Total Equity (Deficit) | **$(133)** | **$(1,253)** | | Stock-based compensation related activity, net of forfeitures | N/A | **$51** | | Purchases and retirement of common stock | N/A | **$(21)** | | Common stock dividends/distributions | N/A | **$(686)** | | Net income (loss) | N/A | **$(464)** | [NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)](index=8&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20(Unaudited)) Provides detailed explanations for financial statements, covering company info, accounting policies, and financial disclosures [1. General](index=8&type=section&id=1.%20General) Describes the company's business model, pending Fiber Business sale, and REIT status, leading to discontinued operations - Company owns, operates, and leases shared communications infrastructure, primarily towers, throughout the U.S[28](index=28&type=chunk) - Signed a definitive agreement on March 13, 2025, to sell the Fiber Business for **$8.5 billion** in aggregate cash proceeds[29](index=29&type=chunk) - The Fiber Business' results and net assets are presented as discontinued operations, and a loss of **$830 million** was recognized in Q1 2025 upon classification as 'held for sale'[30](index=30&type=chunk) - The Company operates as a REIT for U.S. federal income tax purposes[32](index=32&type=chunk) [2. Summary of Significant Accounting Policies](index=9&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) Discusses adopted and not yet adopted accounting pronouncements, noting no material impact from adopted standards - No accounting pronouncements adopted during the three months ended March 31, 2025, had a material impact on the Company's condensed consolidated financial statements[37](index=37&type=chunk) - The Company is evaluating new FASB guidance on income tax disclosures (effective FY2025) and disaggregated income statement expense information (effective FY2027)[38](index=38&type=chunk)[39](index=39&type=chunk) [3. Discontinued Operations](index=9&type=section&id=3.%20Discontinued%20Operations) Details the Fiber Business sale, its discontinued operations classification, resulting loss, and financial impact - On March 13, 2025, management signed the Strategic Fiber Agreement to sell the Fiber Business for **$8.5 billion** in aggregate cash proceeds[41](index=41&type=chunk) - Upon classification as 'held for sale', the Company recorded a loss from disposal of discontinued operations, net of tax, of **$830 million** in Q1 2025[41](index=41&type=chunk) - The Fiber Business is treated as discontinued operations for all periods presented due to its anticipated disposal representing a material strategic shift[42](index=42&type=chunk) | Metric | March 31, 2025 (Millions) | December 31, 2024 (Millions) | | :------------------------------------ | :-------------------------- | :--------------------------- | | Total assets of discontinued operations | **$10,605** | **$11,397** | | Total liabilities of discontinued operations | **$2,207** | **$2,244** | | Income (loss) from discontinued operations before gain (loss) from disposal, net of tax (Q1 2025) | **$82** | N/A | | Income (loss) from discontinued operations before gain (loss) from disposal, net of tax (Q1 2024) | N/A | **$17** | [4. Revenues](index=10&type=section&id=4.%20Revenues) Explains revenue recognition policies for site rentals and services, and summarizes contracted amounts owed by tenants - Site rental revenues are recognized on a straight-line, ratable basis over the fixed, non-cancelable term of tenant contracts, generally **5 to 15 years**[46](index=46&type=chunk) - Services revenues are recognized at the completion of the applicable performance obligation, such as structural analysis, zoning, permitting, and construction drawings[48](index=48&type=chunk) | Year Ending December 31, | Contracted Amounts (Millions) | | :----------------------- | :---------------------------- | | 2025 (Nine Months) | **$2,928** | | 2026 | **$3,955** | | 2027 | **$4,033** | | 2028 | **$3,911** | | 2029 | **$3,212** | | Thereafter | **$11,546** | | **Total** | **$29,585** | [5. Debt and Other Obligations](index=12&type=section&id=5.%20Debt%20and%20Other%20Obligations) Provides a detailed breakdown of the company's debt and other obligations, including maturities and interest rates | Debt Type | Balance as of March 31, 2025 (Millions) | Balance as of December 31, 2024 (Millions) | Stated Interest Rate as of March 31, 2025 | | :------------------------------------ | :---------------------------------------- | :----------------------------------------- | :---------------------------------------- | | Total secured debt | **$1,746** | **$1,751** | Various | | Total unsecured debt | **$22,631** | **$22,303** | Various | | Total debt and other obligations | **$24,377** | **$24,054** | N/A | | Non-current portion of debt and other long-term obligations | **$22,874** | **$23,451** | N/A | | Year Ending December 31, | Scheduled Principal Payments and Final Maturities (Millions) | | :----------------------- | :--------------------------------------------------------- | | 2025 (Nine Months) | **$2,255** | | 2026 | **$2,780** | | 2027 | **$3,252** | | 2028 | **$2,633** | | 2029 | **$2,478** | | Thereafter | **$11,130** | | **Total Cash Obligations** | **$24,528** | - Interest expense and amortization of deferred financing costs, net, increased to **$236 million** for Q1 2025 from **$226 million** for Q1 2024[59](index=59&type=chunk) [6. Fair Value Disclosures](index=13&type=section&id=6.%20Fair%20Value%20Disclosures) Presents fair values of cash, restricted cash, and total debt, noting debt fair values are based on broker quotes | Metric | March 31, 2025 (Millions) | December 31, 2024 (Millions) | | :------------------------------------ | :-------------------------- | :--------------------------- | | Cash and cash equivalents (Carrying Amount) | **$60** | **$100** | | Cash and cash equivalents (Fair Value) | **$60** | **$100** | | Total debt and other obligations (Carrying Amount) | **$24,377** | **$24,054** | | Total debt and other obligations (Fair Value) | **$22,767** | **$22,371** | - The fair values of cash and cash equivalents and restricted cash and cash equivalents approximate their carrying values[62](index=62&type=chunk) - The fair value of debt securities is determined based on indicative, non-binding quotes from brokers, and valuation techniques have not changed since December 31, 2024[62](index=62&type=chunk) [7. Income Taxes](index=14&type=section&id=7.%20Income%20Taxes) Explains the company's REIT status, exempting it from federal corporate income tax on distributed income - The Company operates as a REIT for U.S. federal income tax purposes, generally entitled to a deduction for dividends paid, and thus not subject to U.S. federal corporate income tax on distributed net taxable income[63](index=63&type=chunk) - The effective tax rate for Q1 2025 and 2024 differed from the federal statutory rate predominantly due to the Company's REIT status, including the dividends paid deduction[65](index=65&type=chunk) [8. Per Share Information](index=14&type=section&id=8.%20Per%20Share%20Information) Provides basic and diluted net income (loss) per common share and dividends declared, showing a decrease in net income | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------------------ | :-------------------------------- | :-------------------------------- | | Income (loss) from continuing operations, basic | **$0.65** | **$0.68** | | Income (loss) from discontinued operations, basic | **$(1.72)** | **$0.04** | | Net income (loss)—basic | **$(1.07)** | **$0.72** | | Income (loss) from continuing operations, diluted | **$0.65** | **$0.67** | | Income (loss) from discontinued operations, diluted | **$(1.72)** | **$0.04** | | Net income (loss)—diluted | **$(1.07)** | **$0.71** | | Dividends/distributions declared per share of common stock | **$1.565** | **$1.565** | - During Q1 2025, the Company granted **1.3 million Restricted Stock Units (RSUs)** to executives and employees[67](index=67&type=chunk) [9. Commitments and Contingencies](index=15&type=section&id=9.%20Commitments%20and%20Contingencies) States management believes current claims will not materially affect financial position and notes tower purchase options - Management believes the adverse resolution of various claims, assessments, lawsuits, or proceedings should not have a material adverse effect on the Company's condensed consolidated financial position or results of operations[68](index=68&type=chunk) - The Company has the option to purchase approximately **54% of its towers** at the end of their respective lease terms but has no obligation to exercise such options[68](index=68&type=chunk) [10. Equity](index=15&type=section&id=10.%20Equity) Details dividends, common stock repurchases related to RSU vesting, and a new 'at-the-market' stock offering program - During Q1 2025, a common stock dividend of **$1.565 per share** was declared and paid, totaling approximately **$686 million**[69](index=69&type=chunk) - The Company purchased **0.2 million shares** of its common stock for **$21 million** in Q1 2025, primarily related to shares withheld for withholding taxes upon RSU vesting[70](index=70&type=chunk) - A 2024 'at-the-market' stock offering program was established in March 2024 for up to **$750 million**, but no shares have been sold under this program to date[71](index=71&type=chunk) [11. Operating Segment](index=15&type=section&id=11.%20Operating%20Segment) Explains the company now operates as a single reportable segment focused on towers, following Fiber Business reclassification - Following the classification of the Fiber Business as discontinued operations, the Company has one reportable segment consisting of its towers operations[72](index=72&type=chunk) - The Company provides access to more than **40,000 towers** geographically dispersed throughout the U.S. and offers ancillary site development services[73](index=73&type=chunk) [12. Supplemental Cash Flow Information](index=16&type=section&id=12.%20Supplemental%20Cash%20Flow%20Information) Provides additional cash flow details, including operating lease payments, interest paid, and cash reconciliation | Metric | Three Months Ended March 31, 2025 (Millions) | Three Months Ended March 31, 2024 (Millions) | | :------------------------------------ | :------------------------------------------- | :------------------------------------------- | | Cash payments related to operating lease liabilities | **$131** | **$131** | | Interest paid | **$315** | **$282** | | Cash and Cash Equivalents and Restricted Cash | March 31, 2025 (Millions) | December 31, 2024 (Millions) | | :-------------------------------------------- | :-------------------------- | :--------------------------- | | Total (Continuing + Discontinued Operations) | **$278** | **$295** | [13. Restructuring](index=17&type=section&id=13.%20Restructuring) Details 2023 and 2024 Restructuring Plans, outlining charges, payments, and liabilities for headcount reductions - The 2023 Restructuring Plan, initiated in July 2023, included a **15% employee headcount reduction** and office space consolidation, with actions substantially completed by June 30, 2024[81](index=81&type=chunk)[83](index=83&type=chunk) - The 2024 Restructuring Plan, initiated in June 2024, aimed to drive operational efficiencies and reduce costs, primarily in the small cells and fiber solutions businesses, including a headcount reduction of **over 10%**[84](index=84&type=chunk) | Restructuring Plan | Liability as of Dec 31, 2024 (Millions) | Payments (Q1 2025) (Millions) | Liability as of Mar 31, 2025 (Millions) | | :----------------- | :-------------------------------------- | :---------------------------- | :-------------------------------------- | | 2023 Plan | **$7** | **$(2)** | **$5** | | 2024 Plan | **$36** | **$(5)** | **$31** | [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=18&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Provides management's perspective on financial condition, operations, and outlook, emphasizing the strategic shift to towers [General Overview](index=19&type=section&id=General%20Overview) Discusses the company's core business, strategic shift from Fiber Business sale, and strategy for stockholder value - The Company owns, operates, and leases over **40,000 towers** in the U.S[88](index=88&type=chunk) - The definitive agreement to sell the Fiber Business for **$8.5 billion** represents a material strategic shift, leading to its presentation as discontinued operations[90](index=90&type=chunk)[91](index=91&type=chunk) - The core strategy is to grow cash flows from existing towers, return a meaningful portion of cash to stockholders via dividends and share repurchases, and invest capital efficiently[94](index=94&type=chunk) - Site rental revenues constituted **95% of consolidated net revenues** for Q1 2025[93](index=93&type=chunk) [Outlook Highlights](index=22&type=section&id=Outlook%20Highlights) Presents key expectations for future performance, including anticipated site rental revenue reductions and capital expenditures - Expects a year-over-year reduction in site rental revenues in 2025, primarily due to approximately **$200 million** from Sprint Cancellations and a decline in long-term prepaid rent amortization[105](index=105&type=chunk) - Sustaining capital expenditures are expected to be approximately **1% of net revenues** for full year 2025, consistent with historical levels[105](index=105&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Analyzes Q1 2025 financial results, detailing changes in revenues, expenses, and net income, impacted by discontinued operations | Metric | Three Months Ended March 31, 2025 (Millions) | Three Months Ended March 31, 2024 (Millions) | Change (Millions) | % Change | | :------------------------------------ | :------------------------------------------- | :------------------------------------------- | :---------------- | :------- | | Site rental revenues | **$1,011** | **$1,068** | **$(57)** | **(5%)** | | Net income (loss) | **$(464)** | **$311** | **$(775)** | **(249%)** | | Adjusted EBITDA | **$722** | **$754** | **$(32)** | **(4%)** | | Adjusted Site Rental Gross Margin | **$776** | **$829** | **$(53)** | **(6%)** | | Adjusted Services and Other Gross Margin | **$22** | **$18** | **$4** | **+22%** | - Site rental revenues decreased by **$57 million (5%)** primarily due to **$51 million** in towers non-renewals related to Sprint Cancellations and a decrease in prepaid rent amortization[106](index=106&type=chunk)[108](index=108&type=chunk) - Selling, general and administrative expenses decreased by **$21 million (18%)** due to restructuring activities and the absence of certain advisory fees[110](index=110&type=chunk) - Net income (loss) decreased significantly to **$(464) million** from **$311 million**, primarily due to the **$830 million loss** from disposal of discontinued operations[119](index=119&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) Discusses liquidity, capital structure, and financing, focusing on investment-grade credit profile and debt management [Overview](index=24&type=section&id=Overview) Outlines strategy for stockholder value, investment-grade credit, and debt management, including refinancing and Fiber sale proceeds - The Company seeks to maintain a capital structure that optimizes its weighted-average cost of capital and expects to maintain an investment grade credit profile[123](index=123&type=chunk) - Expected liquidity sources over the next 12 months include cash on hand, operating cash flows, availability under the 2016 Revolver, issuances under the CP Program, and issuances of equity under the 2024 ATM Program[127](index=127&type=chunk) - Expected liquidity uses over the next 12 months include **$3.2 billion** in debt obligations, common stock dividend payments, capital expenditures, and common stock repurchases[127](index=127&type=chunk) - The Company expects to refinance **$700 million** of Tower Revenue Notes, Series 2015-2 on or prior to the anticipated repayment date of May 15, 2025[123](index=123&type=chunk) - Upon the closing of the Strategic Fiber Transaction (expected H1 2026), the Company expects to use a portion of the cash proceeds to repay existing indebtedness and fund anticipated share repurchases[127](index=127&type=chunk) [Summary Cash Flow Information](index=26&type=section&id=Summary%20Cash%20Flow%20Information) Summarizes net cash flows from operating, investing, and financing activities for Q1 2025 and 2024 | Cash Flow Activity | Three Months Ended March 31, 2025 (Millions) | Three Months Ended March 31, 2024 (Millions) | Change (Millions) | | :------------------------------------ | :------------------------------------------- | :------------------------------------------- | :---------------- | | Operating activities | **$641** | **$599** | **$42** | | Investing activities | **$(255)** | **$(320)** | **$65** | | Financing activities | **$(403)** | **$(261)** | **$(142)** | | Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | **$(17)** | **$18** | **$(35)** | [Operating Activities](index=26&type=section&id=Operating%20Activities) Net cash provided by operating activities increased by $42 million for Q1 2025, primarily due to working capital changes - Net cash provided by operating activities increased by **$42 million**, or **7%**, to **$641 million** for Q1 2025, primarily due to a net increase from changes in working capital[129](index=129&type=chunk) [Investing Activities](index=26&type=section&id=Investing%20Activities) Net cash used for investing activities decreased by $65 million, mainly due to lower discretionary capital expenditures - Net cash used for investing activities decreased by **$65 million**, or **20%**, to **$255 million** for Q1 2025, primarily due to a decrease in discretionary capital expenditures related to discontinued operations[130](index=130&type=chunk)[133](index=133&type=chunk) | Capital Expenditure Type | Three Months Ended March 31, 2025 (Millions) | Three Months Ended March 31, 2024 (Millions) | | :----------------------- | :------------------------------------------- | :------------------------------------------- | | Discretionary: Towers improvements and other capital projects | **$15** | **$26** | | Discretionary: Purchases of land interests | **$18** | **$13** | | Sustaining | **$7** | **$8** | | **Total** | **$40** | **$47** | [Financing Activities](index=27&type=section&id=Financing%20Activities) Net cash used for financing activities increased by $142 million, driven by debt issuances and repayments - Net cash used for financing activities increased by **$142 million** to **$403 million** for Q1 2025, primarily due to the net impact from debt issuances and repayments[135](index=135&type=chunk) - As of May 7, 2025, there was **$7.0 billion** in undrawn availability under the 2016 Revolver and **$1.4 billion** outstanding under the Commercial Paper Program[136](index=136&type=chunk)[137](index=137&type=chunk) - The Company is currently in compliance with its financial maintenance covenants under the 2016 Credit Agreement and expects to continue to comply[141](index=141&type=chunk) [Accounting and Reporting Matters](index=28&type=section&id=Accounting%20and%20Reporting%20Matters) Addresses critical accounting policies, pronouncements, and reconciles non-GAAP financial measures for performance evaluation [Critical Accounting Policies and Estimates](index=28&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Refers to the 2024 Form 10-K for detailed critical accounting policies and estimates requiring significant judgment - Critical accounting policies and estimates are described in 'Item 7. MD&A—Accounting and Reporting Matters' and note 2 of the consolidated financial statements in the 2024 Form 10-K[142](index=142&type=chunk) [Accounting Pronouncements](index=28&type=section&id=Accounting%20Pronouncements) Refers to Note 2 of the condensed consolidated financial statements for accounting pronouncements information - Information on recently adopted and not yet adopted accounting pronouncements is provided in Note 2 to the condensed consolidated financial statements[143](index=143&type=chunk) [Non-GAAP Financial Measures](index=28&type=section&id=Non-GAAP%20Financial%20Measures) Defines and reconciles non-GAAP financial measures, explaining their utility for investors and management Adjusted EBITDA Reconciliation | Metric | Three Months Ended March 31, 2025 (Millions) | Three Months Ended March 31, 2024 (Millions) | | :---------------------------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Net income (loss) | **$(464)** | **$311** | | Adjustments (e.g., Depreciation, Amortization, Interest Expense, Discontinued Operations) | **$1,186** | **$443** | | Adjusted EBITDA | **$722** | **$754** | Adjusted Site Rental Gross Margin Reconciliation | Metric | Three Months Ended March 31, 2025 (Millions) | Three Months Ended March 31, 2024 (Millions) | | :---------------------------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Net income (loss) | **$(464)** | **$311** | | Adjustments (e.g., Services and other revenues/costs, SG&A, D&A, Discontinued Operations) | **$1,240** | **$518** | | Adjusted Site Rental Gross Margin | **$776** | **$829** | Adjusted Services and Other Gross Margin Reconciliation | Metric | Three Months Ended March 31, 2025 (Millions) | Three Months Ended March 31, 2024 (Millions) | | :---------------------------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Net income (loss) | **$(464)** | **$311** | | Adjustments (e.g., Site rental revenues/costs, SG&A, D&A, Discontinued Operations) | **$486** | **$(293)** | | Adjusted Services and Other Gross Margin | **$22** | **$18** | [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=31&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Updates on market risks, primarily interest rate risk, including sensitivity analysis and debt maturity details [Interest Rate Risk](index=32&type=section&id=Interest%20Rate%20Risk) Discusses interest rate exposure on floating rate debt, providing a sensitivity analysis and debt maturity table - As of March 31, 2025, the Company had **$2.8 billion** of floating rate debt, representing approximately **11% of its total debt**[156](index=156&type=chunk)[158](index=158&type=chunk) - A hypothetical unfavorable fluctuation of **1/4 of a percent point** in market interest rates over a 12-month period would increase interest expense by approximately **$7 million**[156](index=156&type=chunk) Future Principal Payments and Interest Rates by Contractual Year of Maturity (as of March 31, 2025) | Debt Type | 2025 (Millions) | 2026 (Millions) | 2027 (Millions) | 2028 (Millions) | 2029 (Millions) | Thereafter (Millions) | Total (Millions) | Average Interest Rate | | :---------------- | :-------------- | :-------------- | :-------------- | :-------------- | :-------------- | :-------------------- | :--------------- | :-------------------- | | Fixed rate | **$533** | **$2,690** | **$2,286** | **$2,633** | **$2,478** | **$11,130** | **$21,750** | **3.7%** | | Variable rate | **$1,722** | **$90** | **$966** | **$0** | **$0** | **$0** | **$2,778** | **4.7%** | [ITEM 4. CONTROLS AND PROCEDURES](index=32&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Reports on the effectiveness of disclosure controls and procedures and confirms no material changes to internal control [Disclosure Controls and Procedures](index=33&type=section&id=Disclosure%20Controls%20and%20Procedures) Management, including CEO and CFO, concluded disclosure controls and procedures were effective as of March 31, 2025 - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of March 31, 2025[163](index=163&type=chunk) [Changes in Internal Control Over Financial Reporting](index=33&type=section&id=Changes%20in%20Internal%20Control%20Over%20Financial%20Reporting) No material changes occurred in internal control over financial reporting during the fiscal quarter - There have been no material changes in the Company's internal control over financial reporting during the fiscal quarter covered by this Form 10-Q[164](index=164&type=chunk) [PART II—OTHER INFORMATION](index=33&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) Provides additional non-financial information, including legal proceedings, risk factors, and exhibits [ITEM 1. LEGAL PROCEEDINGS](index=33&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) Refers to Note 9 of the condensed consolidated financial statements for details on legal proceedings - Disclosure regarding legal proceedings is provided in note 9 to the condensed consolidated financial statements[165](index=165&type=chunk) [ITEM 1A. RISK FACTORS](index=34&type=section&id=ITEM%201A.%20RISK%20FACTORS) States no material changes to risk factors previously discussed in the 2024 Form 10-K - There are no material changes to the risk factors discussed in 'Item 1A. Risk Factors' in the 2024 Form 10-K[166](index=166&type=chunk) [ITEM 5. OTHER INFORMATION](index=34&type=section&id=ITEM%205.%20OTHER%20INFORMATION) Indicates no other information is reported in this section - No other information is reported in this section[167](index=167&type=chunk) [ITEM 6. EXHIBITS](index=34&type=section&id=ITEM%206.%20EXHIBITS) Provides an index of exhibits filed as part of the Form 10-Q, including agreements and certifications - The exhibit index includes the Stock Purchase Agreement, Restated Certificate of Incorporation, By-laws, 2025 EMT Annual Incentive Plan, and various certifications[170](index=170&type=chunk) [SIGNATURES](index=35&type=section&id=SIGNATURES) Contains signatures of authorized officers, certifying the filing of the report - The report was signed by Sunit S. Patel, Executive Vice President and Chief Financial Officer, and Robert S. Collins, Vice President and Controller, on May 9, 2025[174](index=174&type=chunk)

Financial Performance - For the quarter ended March 2025, Crown Castle reported revenue of $1.06 billion, down 35.3% year-over-year [1] - EPS for the quarter was $1.10, compared to $0.71 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $1.04 billion by +1.96% [1] - EPS also surpassed the consensus estimate of $1.02 by +7.84% [1] Key Metrics - Total ending towers were reported at 40,000, slightly below the four-analyst average estimate of 40,056 [4] - Site rental revenue was $1.01 billion, compared to the average estimate of $1.09 billion, reflecting a -36.3% year-over-year change [4] - Services and other revenue was $50 million, exceeding the average estimate of $46.85 million, but down -5.7% from the previous year [4] - Net Earnings Per Share (Diluted) was -$1.07, worse than the average estimate of -$0.58 [4] - Site rental gross margin was $771 million, below the average estimate of $893.90 million [4] - Services and other gross margin was $22 million, slightly above the average estimate of $20.96 million [4] Stock Performance - Shares of Crown Castle have returned -0.9% over the past month, compared to the Zacks S&P 500 composite's -0.2% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market [3]

分组1 - Crown Castle reported quarterly funds from operations (FFO) of $1.10 per share, exceeding the Zacks Consensus Estimate of $1.02 per share, but down from $1.72 per share a year ago, representing an FFO surprise of 7.84% [1] - The company posted revenues of $1.06 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.96%, compared to $1.64 billion in revenues a year ago [2] - Crown Castle has outperformed the S&P 500, with shares increasing about 14.3% since the beginning of the year, while the S&P 500 declined by 5.5% [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 company's FFO outlook [4][6] - Current consensus FFO estimate for the upcoming quarter is $0.99 on revenues of $1.03 billion, and for the current fiscal year, it is $4.47 on revenues of $4.2 billion [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 36% of over 250 Zacks industries, which may negatively impact stock performance [8]

Financial Data and Key Metrics Changes - The company reported strong first quarter results, with site rental revenues showing 5.1% organic growth, excluding the impact of Sprint cancellations [16] - The full year 2025 outlook includes 4.5% organic growth, adjusted EBITDA of approximately $2,800 million, and AFFO of approximately $1,800 million [19][20] - The company generated $53 million of free cash flow from discontinued operations in the first quarter, or $75 million excluding a $22 million increase in net working capital [19] Business Line Data and Key Metrics Changes - The tower business has experienced more than 5% average annual organic growth from 2020 to 2024, driven by substantial mobile data demand [6][7] - Site rental revenues included a $3 million contribution from other billings, primarily related to intercompany backed billings, which is not expected to recur [17] Market Data and Key Metrics Changes - The U.S. market has seen consistent demand growth across market cycles, with cash site rental revenues growing consistently despite economic fluctuations [7][8] - Customers have invested over $35 billion annually in their networks to maintain capacity and quality, indicating strong market dynamics [6] Company Strategy and Development Direction - The company is focused on becoming a pure play U.S. tower company, which is expected to unlock substantial value in its tower business [5] - The capital allocation framework aims to balance predictable returns to shareholders with financial flexibility, including a planned share repurchase program of approximately $3 billion [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full year 2025 outlook, citing strong first quarter results and ongoing progress in separating the fiber solutions and small cell businesses [12][20] - The company believes that the continued growth in data demand will drive durable growth in its business [6] Other Important Information - The board intends to reduce the annualized dividend per share to $4.25 beginning in the second quarter of 2025 [11] - The company plans to manage its debt balance to maintain an investment grade credit rating, expecting to use approximately $6 billion of cash proceeds from the sale to repay debt [12] Q&A Session Summary Question: Can you shed light on the executive changes and the strategy going forward? - Management indicated that the focus is on separating the fiber and small cell businesses and that M&A activity is unlikely in the short term due to the ongoing sale process [24][27] Question: What is the current status of the fiber business sale? - The transaction is expected to close in the first half of 2026, pending regulatory approvals, which are time-consuming but not anticipated to be difficult [38][40] Question: How is the new leasing activity expected to trend in 2025? - Management expects leasing activity to remain consistent throughout 2025, with a target of 4.5% organic growth [43][101] Question: What are the expectations regarding churn from the Sprint merger? - Management noted that while there is expected churn from the Sprint merger, overall churn is anticipated to remain in the normal range of 1% to 2% [52] Question: Can you provide insights on the services side of the business? - Demand for services is good, but the company has exited the construction services business, which may impact activity levels [64] Question: What are the expectations for cost management and AFFO growth? - Management is focused on cost control and expects to narrow the AFFO growth range as performance becomes clearer [87]

Financial Data and Key Metrics Changes - The company reported strong first quarter results, with site rental revenues showing 5.1% organic growth, excluding the impact of Sprint cancellations [20] - Adjusted EBITDA for the first quarter was positively impacted by lower repair and maintenance costs, sustaining capital expenditures, and other non-worker costs [21] - The full year 2025 outlook remains unchanged, with expectations of 4.5% organic growth, adjusted EBITDA of approximately $2.8 billion, and AFFO of approximately $1.8 billion [22][23] Business Line Data and Key Metrics Changes - The company is in the process of separating its fiber solutions and small cell businesses, which will be reported as discontinued operations [18] - Site rental revenues included a $3 million contribution from other billings, primarily related to intercompany back billings, which is not expected to recur [20] - The company expects straight-line revenues to turn negative, consistent with the full year 2025 outlook of zero [21] Market Data and Key Metrics Changes - Mobile data demand in the U.S. has grown substantially, with customers investing over $35 billion annually in their networks, resulting in more than 5% average annual organic growth in the tower business from 2020 to 2024 [9] - The U.S. tower business model has shown resilience across market cycles, with cash site rental revenues growing consistently despite economic fluctuations [10] Company Strategy and Development Direction - The company aims to become a pure play U.S. tower company, focusing exclusively on the U.S. market, which is viewed as the best market for tower ownership [8] - The capital allocation framework balances predictable returns to shareholders with financial flexibility and balance sheet strength, with plans to return capital via a quarterly dividend and share repurchase program [12][14] - The company intends to reduce its annualized dividend per share to $4.25 beginning in the second quarter of 2025 [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full year 2025 outlook, citing strong first quarter results and progress in separating the fiber solutions and small cell businesses [14] - The company believes that being a pure play tower company will enhance value by focusing on customer service, operational excellence, and improved profitability [11] - Management noted that regulatory approvals for the sale of the fiber and small cell businesses are time-consuming but not expected to pose significant difficulties [40] Other Important Information - The company ended the quarter with significant liquidity and flexibility, maintaining an investment-grade credit rating [23] - The board intends to use approximately $6 billion of cash proceeds from the sale to repay debt, balancing this with share repurchases [14] Q&A Session Summary Question: Can you shed light on the executive changes and the strategy going forward? - Management acknowledged the recent executive changes and emphasized the focus on separating the fiber and small cell businesses while creating value in the U.S. tower market [28][30] Question: What is the current status of the fiber and small cell business sale? - Management stated that the transaction is expected to close in the first half of 2026, pending regulatory approvals [40][42] Question: How is the company managing costs and what is the outlook for new leasing activity? - Management indicated that cost control measures are in place and that new leasing activity is expected to remain consistent throughout 2025 [46][49] Question: What are the strategic priorities for the new CFO? - The new CFO highlighted the importance of closing the fiber business sale and positioning the tower business for operational improvements [66] Question: Can you provide insights on the services side of the business? - Management noted good demand for services, although they have exited the construction services business [70] Question: What is the expected impact of the Sprint merger on churn? - Management acknowledged the ongoing churn from the Sprint merger but indicated that overall churn rates are expected to remain within normal ranges [57] Question: How will the share repurchase program be structured? - Management stated that the share repurchase program will depend on market conditions at the time of the transaction close [99]

Q1 2025 Results - Site Rental Revenues decreased to $1,011 million, a decrease of $57 million or 5% compared to Q1 2024's $1,068 million[12] - Adjusted EBITDA decreased to $722 million, a decrease of $32 million or 4% compared to Q1 2024's $754 million[12] - AFFO decreased to $479 million, a decrease of $5 million or 1% compared to Q1 2024's $484 million[12] - Organic Contribution to Site Rental Billings, excluding the impact of Sprint Cancellations, was 51%[12] Full Year 2025 Outlook - The company affirmed its full year 2025 Outlook, which includes 45% tower organic growth, excluding the impact of Sprint Cancellations[7] - Site Rental Revenues are projected to be $3,987 million to $4,032 million, representing a decrease of 6% compared to 2024 actuals of $4,268 million[15] - Adjusted EBITDA is projected to be $2,755 million to $2,805 million, representing a decrease of 9% compared to 2024 actuals of $3,035 million[15] - AFFO is projected to be $1,770 million to $1,820 million, representing a decrease of 8% compared to 2024 actuals of $1,980 million[15] Fiber Business Sale and Future Outlook - The company is on track to successfully close the Fiber business sale in the first half of 2026[7] - Estimated Annual AFFO at the anticipated close of the Fiber Business sale is projected to be $2,265 million to $2,415 million[22] - This estimate includes a reduction to interest expense of $210 million to $260 million from debt repayment and an AFFO impact from revenue growth, interest expense from ongoing operations, and standalone SG&A adjustment of $250 million to $370 million[22]

Financial Performance - Crown Castle signed a definitive agreement to sell its small cells and fiber solutions businesses for an aggregate of $8.5 billion, subject to closing adjustments[16]. - The company reported a period-end closing price of $104.23 per share for Q1 2025, with dividends paid per common share remaining at $1.57[28]. - Crown Castle's market value of outstanding common shares at period end was $45.385 billion[28]. - Site rental revenues for Q1 2025 reached $1,070 million, a decrease of 5.3% compared to the prior year[63]. - Total net revenues for Q1 2025 were $1,061 million, a decrease of 4.8% from $1,114 million in Q1 2024[141]. - Net loss for Q1 2025 was $464 million, compared to a net income of $311 million in Q1 2024[141]. - The company reported a significant loss from discontinued operations of $748 million in Q1 2025, compared to a gain of $17 million in Q1 2024[141]. - Adjusted EBITDA for Q1 2025 was $722 million, down from $777 million in Q4 2024[182]. - FFO for Q1 2025 was $451 million, compared to $483 million in Q4 2024, reflecting a decrease of 6.6%[190]. - AFFO for Q1 2025 was $479 million, a decline from $523 million in Q4 2024, representing a decrease of 8.4%[190]. Operational Metrics - The company operates over 40,000 towers and approximately 105,000 small cells, with a focus on maximizing recurring site rental cash flows from existing tenants[14][15]. - The number of towers as of March 31, 2025, was 40,000, with an average of 2.4 tenants per tower[71]. - Remaining contracted tenant receivables amounted to $30 billion, with a weighted average remaining contract term of 6 years[71]. - T-Mobile accounted for 40% of Q1 2025 LQA site rental revenues, followed by AT&T at 27% and Verizon at 21%[86]. - The total number of towers owned is 11,960, representing 30% of the total portfolio[97]. Future Outlook - Full Year 2025 Outlook for site rental billings is projected to be between $3,885 million and $3,915 million[42]. - Adjusted EBITDA for Full Year 2025 is expected to range from $2,755 million to $2,805 million[42]. - Net income (loss) for Full Year 2025 is forecasted to be between $65 million and $345 million, translating to diluted net income (loss) per share of $0.15 to $0.79[42]. - Projected site rental revenues for 2025 are estimated at $3,016 million, increasing to $4,343 million by 2029[90]. - Ground lease expenses for 2025 are projected to be $553 million, increasing to $772 million by 2029[96]. Debt and Financial Health - As of March 31, 2025, total secured debt amounts to $1,749 million with a weighted average interest rate of 4.1%[104]. - Total unsecured debt stands at $22,778 million, reflecting a weighted average interest rate of 3.9%[104]. - The company's net debt is reported at $24,288 million, with a market capitalization of $45,385 million, resulting in a firm value of $69,673 million[104][109]. - The total net leverage ratio is 5.9x, below the covenant requirement of ≤ 6.50x, indicating strong financial health[119]. - The debt service coverage ratio for the 2015 and 2018 Tower Revenue Notes is 17.6x, significantly above the required > 1.75x[119]. - Fixed rate debt constitutes 89% of total debt, with a weighted average interest rate of 3.7%[127]. Strategic Initiatives - Crown Castle's strategy includes returning a meaningful portion of cash generated by operating activities to stockholders through dividends and share repurchases[20]. - The company aims to invest capital efficiently to grow cash flows and stockholder distributions, including constructing and acquiring new towers[22]. - The Fiber Business is expected to incur a loss on disposal of $830 million in Q1 2025[185]. - The Strategic Fiber Transaction is expected to close in the first half of 2026, with an aggregate value of $8.5 billion[178]. - The company anticipates continued focus on restructuring plans to improve operational efficiency moving forward[197]. Restructuring and Discontinued Operations - The results of the Fiber Business are classified as discontinued operations, with the company focusing on its tower operations as the sole reportable segment[17]. - The company reported a net loss from discontinued operations of $5,077 million in Q1 2025[182]. - The company recorded restructuring charges of $3 million for Q1 2025, with total restructuring charges of $70 million for the full year 2024[197]. - The company expects restructuring charges for 2025 to be between $0 million and $6 million[183].

Core Insights - Crown Castle Inc. reported solid operational and financial results for Q1 2025, with a focus on organic growth in its tower business, achieving 5% growth excluding Sprint Cancellations [3][10] - The company maintains its full-year 2025 Outlook, emphasizing a strategic shift towards maximizing shareholder value through the sale of its small cells and fiber solutions businesses [3][11] - The anticipated reduction in annualized dividend per share to $4.25 reflects a revised capital allocation framework aimed at balancing returns to shareholders with financial flexibility [3][10] Financial Performance - Site rental revenues for Q1 2025 were $1,011 million, a decrease of $57 million or 5.3% from Q1 2024 [6][51] - Net income for Q1 2025 was a loss of $464 million, compared to a profit of $311 million in Q1 2024, largely due to an $830 million loss related to the Fiber Business sale [6][10] - Adjusted EBITDA for Q1 2025 was $722 million, down from $754 million in Q1 2024, reflecting lower site rental revenue contributions [6][10] Outlook and Strategic Focus - The full-year 2025 Outlook for site rental revenues is projected between $3,987 million and $4,032 million, with site rental billings growth expected to be 4.5% excluding Sprint Cancellations [12][13] - The company aims to enhance operational excellence and customer service in its tower business to drive long-term shareholder value [3][10] - Crown Castle's capital expenditures for Q1 2025 were $40 million, indicating a $7 million decrease from the previous year, with a focus on sustaining capital expenditures [10][51] Market Position and Business Strategy - Following the sale of the Fiber Business, Crown Castle will be positioned as the only public pure-play tower company in the U.S., which is viewed as a prime market for tower ownership [3][10] - The company ended Q1 2025 with approximately 89% fixed-rate debt and a weighted average debt maturity of over 6 years, indicating a strong balance sheet [10][11] - The strategic focus on maximizing top- and bottom-line results in the tower business is expected to create unique value opportunities post-sale [3][10]

Core Viewpoint - Crown Castle (CCI) is expected to report a significant decline in quarterly earnings and revenues, with analysts predicting earnings of $1.02 per share, a 40.7% decrease year-over-year, and revenues of $1.04 billion, reflecting a 36.6% decline compared to the same period last year [1]. Earnings Estimates - Over the past 30 days, the consensus EPS estimate has been adjusted upward by 0.3%, indicating a reassessment of initial projections by analysts [2]. - Revisions to earnings projections are crucial for predicting investor behavior and are strongly linked to short-term stock price performance [3]. Revenue Projections - Analysts project 'Revenues- Site rental' to reach $1.09 billion, a decrease of 31.2% from the prior-year quarter [5]. - 'Services and other revenues- Towers' are expected to be $44.60 million, down 3.1% year-over-year [5]. - 'Site rental revenues- Towers' are estimated at $990.16 million, indicating a 7.3% decline from the previous year [5]. - 'Revenues- Services and other' are projected at $46.85 million, reflecting an 11.6% decrease [6]. - 'Revenues- Fiber' are expected to be $484.33 million, down 8.1% from the year-ago quarter [6]. - 'Site rental revenues- Fiber' are estimated at $481.80 million, a 7.4% decline year-over-year [6]. - The consensus estimate for 'Revenues- Towers' stands at $1.04 billion, indicating a 7% decrease from the prior-year quarter [7]. Gross Margin Estimates - The estimated 'Site rental- Gross margin' is $893.90 million, down from $1.17 billion in the same quarter last year [8]. - 'Site rental gross margin- Towers' is expected to be $751.13 million, compared to $829 million a year ago [8]. - 'Services and other- Gross margin' is forecasted to reach $20.96 million, slightly down from $21 million in the previous year [8]. Market Performance - Crown Castle shares have decreased by 1.8% over the past month, contrasting with a 4.8% decline in the Zacks S&P 500 composite [9].