Crown Castle (CCI) 2025 Conference June 04, 2025 02:45 PM ET Speaker0 Well, good afternoon. I'm Mike Rollins, and I cover the communication services and infrastructure categories for Citi Research. It's a pleasure to be back at NAREIT REIT week and to host today's discussion with Crown Castle. Joining us today from the company is interim CEO, Dan Schlanger, and CFO, Sunit Patel. Dan and Sunit, great to see you. How are you today? Speaker1 Great. Thanks. Thanks for doing this, Mike. Speaker0 Great. Well, tha ...

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]

Financial Data and Key Metrics Changes - The company reported a strong start to 2025, exceeding initial expectations across property revenue, adjusted EBITDA, and attributable AFFO per share for the quarter [5][14] - Consolidated organic tenant billings growth was 4.7%, with U.S. and Canada segment growth at 3.6% and international segment growth at 6.7% [14][17] - Attributable AFFO per share declined by approximately 1%, primarily due to contributions from the India business in the prior year period [18] Business Line Data and Key Metrics Changes - The U.S. services business delivered its highest quarter of revenue and gross profit since 2021, with applications rising nearly 30% compared to Q4 2024 and up roughly 60% year over year [15][16] - CoreSite experienced high single-digit revenue growth, supported by robust demand for interconnection hubs [15][16] - The data center business saw property revenue grow by approximately 9% [17] Market Data and Key Metrics Changes - In the U.S., property revenue declined approximately 1% but grew over 3.5% excluding non-cash straight-line revenue [16][17] - International property revenue was roughly flat year over year, with growth of approximately 8% excluding foreign currency fluctuations [17] - Emerging markets, particularly Nigeria and Brazil, showed improved consumer pricing dynamics and steady demand, respectively [6][7] Company Strategy and Development Direction - The company is focused on portfolio optimization and globalization strategies, aiming to enhance cost efficiency and long-term value [25][30] - Capital allocation remains a priority, with a $2 billion stock buyback authorization in place [56] - The company continues to assess and manage its portfolio to reduce risk and drive predictable earnings [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of mobile data demand across various economic cycles, while also exercising caution regarding potential volatility [12][13] - The company anticipates continued strong demand for services and leasing activity, particularly in the U.S. [36][44] - Management reiterated a commitment to long-term value creation, focusing on cost savings and operational efficiencies [47][48] Other Important Information - The company successfully closed the sale of its South African fiber business and purchased the DE1 Data Center in Denver [15][19] - The company has $11.7 billion in liquidity and low floating rate debt exposure, enhancing financial flexibility [22] Q&A Session Summary Question: Portfolio optimization and globalization strategy - Management confirmed ongoing analysis of portfolio optimization and a focus on globalization efforts to enhance cost efficiency [25][30] Question: U.S. services and new applications revenue - Management indicated strong demand for services, expecting continued revenue in the $75 million range for Q2, with new leasing activity projected to increase [34][36] Question: U.S. carrier activity and leasing priorities - Management noted steady ramp-up in carrier activity, with ongoing amendment and new co-location activity expected [43][44] Question: Stock buyback and M&A opportunities - Management confirmed a $2 billion stock buyback authorization and a disciplined approach to M&A, focusing on long-term value creation [56][60] Question: Colocation and amendment revenue split - Management reported an increase in both colocation applications and amendments, with no significant shift in the overall mix [66][67] Question: CoreSite sales funnel and demand - Management expressed confidence in the CoreSite sales funnel, highlighting robust demand for interconnection services despite broader economic uncertainties [110][112]

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