Crown Castle Inc. · NYSE:CCI
Crown Castle — Q2 2020 Earnings Presentation
14 slides from Crown Castle's earnings presentation, Jul 30, 2020
Slide 1: Second Quarter 2020 Earnings Conference Call
CROWN ww CASTLE July 30, 2020 Second Quarter 2020 Earnings Conference Call The pathway to possible.
Slide 2: Cautionary Language
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 “
Slide 3: Snapshot of Towers and Fiber Segments
Snapshot of Towers and Fiber Segments Oo Towers Oo Fiber $22.6b 1 Yrs 21 10.4% 76% $14.2b 3 Yrs < 05 Invested Capital Weighted Average Life of Tenancy Cash Yield @ Capital Investment . Combined investment of nearly $40bn in shared infrastructure assets that are mission critical to 4G & 5G networks +
Slide 4: Towers And Small Cells Business Model Comparison
Towers And Small Cells Business Model Comparison Towers Small Cells Underlying Demand Driver Wireless data growth Wireless data growth and density Customer Base Wireless carriers Wireless carriers + Nationally negotiated contracts + Nationally negotiated contracts Buying Decisions ° a decisions made
Slide 5: Historical Towers Portfolio Yields 2000-2020
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 6: Fiber Market Cohort Analysis
Fiber Market Cohort Analysis == Initial Acquired Yield™ Oo Cash Yield? O Nodes per Mile (2) 19.4% 11.7% 10.1% 7.9% 9.6% 5.5% — =o | 5 5.6% HSE Los Angeles Philadelphia Denver Phoenix Orlando Invested Capital: $1.4b $0.8b <$0.1b <$0.1b $0.1b Route Miles: 6.7k 4.6k 0.2k 0.4k 0.5k Weighted Avg. Life of
Slide 7: Small Cell Market Opportunity Overview
Small Cell Market Opportunity Overview US Total Small Cell On-Air Nodes in 2024E Potential Long-Term Small Cell Densities | | Mobile Experts US Outdoor Small Cell On-Air Nodes Forecast Bi iGR US Outdoor Small Cell On-Air Nodes Forecast?) 7 _ Potential densities of 1,069k ~20 nodes per mile 5G Tenant
Slide 8: Small Cell Strategy Provides Potential Compelling Risk Reward Opportunity
Small Cell Strategy Provides Potential Compelling Risk Reward Opportunity Illustrative Scenarios: Potential Value Creation by 2030 4x Strategy provides potential 7:1 upside to downside + We believe increasing small cell node densities associated with 5G networks have the potential to meaningfully in
Slide 9: Q2 2020 Results
Q2 2020 Results ($ in millions) Site Rental Revenues Adjusted EBITDA AFFO $1,319 $1,263 $827 $831 $609 $589 Y $56 / 4% t $4 /- T $20 / 3% Q2 2019 Q2 2020 Q2 2019 Q2 2020 Q2 2019 Q2 2020 Results” Results Results” Results Results Results CROWN 1. As restated. See our Annual Report on Form 10-K for the
Slide 10: Full Year 2020 Outlook
Full Year 2020 Outlook ($ in millions) Site Rental Revenues Adjusted EBITDA $5,337 $5,337 to to $5,382 $5,382 $3,479 $3,479 to to $3,524 $3,524 Unchanged Unchanged Previous 2020 Current 2020 Previous 2020 Current 2020 Outlook Outlook® Outlook® Outlook® C S ~ 1 | d on April 29, 2020. we Rois 2. tae)
Slide 11: 2020 Outlook for Site Rental Revenue Growth
2020 Outlook for Site Rental Revenue Growth ($ in millions) $90-$100 $395-$425 $295-$335 $250-$295 ($195)-($175) m7 ($50)-($30) New Leasing Plus: Less: Organic Contribution Change in Growth in Activity Escalator Non-Renewal to Site Rental Revenues Straight-Line Site Rental Adjustment Revenues Previo
Slide 12: 2020 Outlook for AFFO Growth
2020 Outlook for AFFO Growth ($ in millions) $295-$335 ($20)-$10 $195-$240 ($105)-($75) ($10)-$20 Organic Increase in Change in Services Other 2020E Contribution to Site Expenses Contribution AFFO Growth Rental Revenues Previous FY 2020 Outlook? ($20)-$10 ($10)-$20 $195-$240 ($105)-($75) $295-$335 N
Slide 13: Supplemental Definitions, Calculations, and Additional Detail
Supplemental Definitions, Calculations, and Additional Detail HISTORICAL TOWERS PORTFOLIO YIELDS” (in millions of dollars, except Yield calculations) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Cash site rental revenues” $ 238 $ 341 $ 405 $ 438 $ 488 $ 544 $ 632 $ 1,176 $ 1,281 $ 1,359 Cash si
Slide 14: Supplemental Definitions, Calculations, and Additional Detail (cont'd)
Supplemental Definitions, Calculations, and Additional Detail (cont’d) The following definitions can be utilized with the Fiber Market Cohort Analysis on page 6. . Cash Yield: Represents cash site rental revenues minus cash site rental costs of operations, divided by invested capital. . Invested Cap