Crown Castle(CCI) - 2025 Q1 - Quarterly Report

Filing Information Provides essential details about the Form 10-Q filing, registrant, and securities status Form 10-Q Details 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] - The registrant is CROWN CASTLE INC[3] Registrant Information Crown Castle Inc. is a Delaware corporation with its principal executive office in Houston, Texas - State of incorporation: Delaware[4] - Address of principal executive office: 8020 Katy Freeway, Houston, Texas 77024[4] - Registrant's telephone number: (713) 570-3000[4] Securities and Filer Status 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] - Number of shares of common stock outstanding at May 7, 2025: 435,458,808[6] 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] - PART I includes Financial Statements, Management's Discussion and Analysis, Quantitative and Qualitative Disclosures About Market Risk, and Controls and Procedures[8] - PART II includes Legal Proceedings, Risk Factors, Other Information, and Exhibits[8] Cautionary Language Regarding Forward-Looking Statements 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] - 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] - 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] Interpretation Defines key terms and references used throughout the Form 10-Q to ensure consistent understanding - The term 'including' means 'including without limitation'[14] - The terms 'we,' 'our,' 'our company,' 'the company' or 'us' refer to Crown Castle Inc. ('CCI') and its predecessor, and their subsidiaries[14] - References to 'U.S.' are to the United States of America and Puerto Rico, collectively[14] PART I—FINANCIAL INFORMATION Presents unaudited condensed consolidated financial statements, notes, and management's discussion and analysis ITEM 1. FINANCIAL STATEMENTS Provides unaudited condensed consolidated financial statements and notes, explaining accounting policies and items CONDENSED CONSOLIDATED BALANCE SHEET (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) 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) 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) 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) Provides detailed explanations for financial statements, covering company info, accounting policies, and financial disclosures 1. General 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] - Signed a definitive agreement on March 13, 2025, to sell the Fiber Business for $8.5 billion in aggregate cash proceeds[29] - 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] - The Company operates as a REIT for U.S. federal income tax purposes[32] 2. Summary of Significant Accounting Policies 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] - The Company is evaluating new FASB guidance on income tax disclosures (effective FY2025) and disaggregated income statement expense information (effective FY2027)[38][39] 3. Discontinued Operations 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] - 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] - The Fiber Business is treated as discontinued operations for all periods presented due to its anticipated disposal representing a material strategic shift[42] | 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 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] - Services revenues are recognized at the completion of the applicable performance obligation, such as structural analysis, zoning, permitting, and construction drawings[48] | 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 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] 6. Fair Value Disclosures 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] - 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] 7. Income Taxes 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] - 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] 8. Per Share Information 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] 9. Commitments and Contingencies 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] - 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] 10. Equity 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] - 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] - 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] 11. Operating Segment 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] - The Company provides access to more than 40,000 towers geographically dispersed throughout the U.S. and offers ancillary site development services[73] 12. Supplemental Cash Flow Information 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 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][83] - 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] | 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 Provides management's perspective on financial condition, operations, and outlook, emphasizing the strategic shift to towers General Overview 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] - 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][91] - 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] - Site rental revenues constituted 95% of consolidated net revenues for Q1 2025[93] Outlook Highlights 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] - Sustaining capital expenditures are expected to be approximately 1% of net revenues for full year 2025, consistent with historical levels[105] Results of Operations 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][108] - Selling, general and administrative expenses decreased by $21 million (18%) due to restructuring activities and the absence of certain advisory fees[110] - Net income (loss) decreased significantly to $(464) million from $311 million, primarily due to the $830 million loss from disposal of discontinued operations[119] Liquidity and Capital Resources Discusses liquidity, capital structure, and financing, focusing on investment-grade credit profile and debt management 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] - 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] - 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] - 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] - 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] Summary Cash Flow Information 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 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] Investing Activities 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][133] | 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 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] - 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][137] - The Company is currently in compliance with its financial maintenance covenants under the 2016 Credit Agreement and expects to continue to comply[141] Accounting and Reporting Matters Addresses critical accounting policies, pronouncements, and reconciles non-GAAP financial measures for performance evaluation Critical Accounting Policies and Estimates 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] Accounting Pronouncements 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] Non-GAAP Financial Measures 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 Updates on market risks, primarily interest rate risk, including sensitivity analysis and debt maturity details Interest Rate Risk 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][158] - 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] 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 Reports on the effectiveness of disclosure controls and procedures and confirms no material changes to internal control Disclosure Controls and Procedures 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] Changes in Internal Control Over Financial Reporting 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] PART II—OTHER INFORMATION Provides additional non-financial information, including legal proceedings, risk factors, and exhibits ITEM 1. LEGAL PROCEEDINGS 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] ITEM 1A. RISK FACTORS 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] ITEM 5. OTHER INFORMATION Indicates no other information is reported in this section - No other information is reported in this section[167] ITEM 6. EXHIBITS 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] 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]