Crown Castle Inc. · NYSE:CCI
Crown Castle — Q2 2023 Earnings Presentation
13 slides from Crown Castle's earnings presentation, Jul 20, 2023
Slide 1: Second Quarter 2023 Earnings Conference Call
CROWN ww CASTLE July 20, 2023 Second Quarter 2023 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: Executive Summary
Executive Summary * Second quarter results were in line with expectations, but tower activity levels slowed in the second quarter. + Accordingly, our full year 2023 Outlook has been lowered, primarily due to lower services margin. * Tower organic growth remains at 5% as a result of the resiliency we
Slide 4: $34 Billion of Remaining Contracted Tenant Receivables Provide Resilient Tower Revenue Growth
$34 Billion of Remaining Contracted Tenant Receivables” Provide Resilient Tower Revenue Growth ®@ Historical Tower Organic Growth [Contracted Future Tower Organic Growth } Remaining Growth Required to Reach 5% Tower Organic Growth Target 6% 5% Target Tower 5% Organic Growth 4% 3% ~75% of 5% b- Tower
Slide 5: Q2 2023 Results
Q2 2023 Results ($ in millions) Site Rental Revenues $1,728 $1,567 4 $161 / 10% Organic Contribution 4% Q2 2022 Q2 2023 Results Results Adjusted EBITDA $1,078 & $110 / 10% Q2 2022 Results $1,188 Q2 2023 Results CROWN 1. Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint >
Slide 6: Updated Full Year 2023 Outlook
Updated Full Year 2023 Outlook ($ in millions) Site Rental Revenues Adjusted EBITDA AFFO $6,488 $6,488 to to $6,289 $6,533 $6,533 $4,399 to $4,340 $4,444 $3,296 to 3,341 Unchanged $50M $3,200 $ vs. Previous v mS: Outlook Previous Outlook - 1 4% YoY crevious Growth 0% ond Outlook row 1 2% YoY Growth
Slide 7: 2023 Outlook for Organic Contribution to Site Rental Billings and Growth in Site Rental Revenues
2023 Outlook for Organic Contribution to Site Rental Billings and Growth in Site Rental Revenues ($ in millions) — a i Impact of Sprint Cancellations $90-$100 peeeennnnenne, ($175)-($155) | | 4 | $160-$170 } r ($25)! ' I ($200)-($180) |$340-$380 4 EEE ($145)-($125)| $5-$15 $215-$260 ——— $275-$305 Co
Slide 8: 2023 Outlook for AFFO Growth
2023 Outlook for AFFO Growth ($ in millions) $340-$380 ($80)-($50) ($105)-($75) $30-$40 $65-$100 Organic Increase in Change in Services Change in Cash Other“ 2023E Contribution to Site Expenses Contribution Interest Expense AFFO Growth Rental Billings Previous FY 2023 $340-$380 ($120)-($90) ($15)-$1
Slide 9: Appendix
Appendix ( y * CROWN PAGE 9 —_ CASTLE Second Quarter 2023 Earnings Conference Call
Slide 10: Fiber Market Cohort Analysis Q2 2023
Fiber Market Cohort Analysis Q2 2023 == Initial Acquired Yield™ G) 22.7% Oo Cash Yield? O Nodes per Mile (2) 11.4% 9.6% 7.6% ——. 6.3% oo 8.5% 7.0% | Los Angeles Philadelphia Denver Phoenix Orlando Invested Capital: $1.7b $0.9b <$0.1b $0.1b $0.1b Route Miles: 7.8k 5.4k 0.2k 0.9k 0.5k Weighted Avg. Li
Slide 11: Sprint Cancellations Overview
Sprint Cancellations Overview” ($ In millions) Witowers li Small Cells Ml Fiber Solutions Run-Rate Non-Renewal: mmen Antici Im Reven rowth by Fiscal Year Year Commenced Amount 2025E $200 2024E / 2025E $25 $25 x 3S ee 23 $20 $15 $5 38 ES 2023E Os =8 83 $10 $10 £ 2023E 2024E 2025E Full Year a a2 23 Ou
Slide 12: Key Guidance Items
Key Guidance Items ($ in millions, except per share amounts) Consolidated Towers Small Cells mee Changes in revenues: I Core leasing activity $290 1 $130 $35 $125 2 i] x Escalator $95 I 8 Non-renewals ($165) I 38 Organic Contribution to Site Rental Billings $220 ! 9 Adjusted for Impact of Sprint Can
Slide 13: Supplemental Definitions, Calculations, and Additional Detail
Supplemental Definitions, Calculations, and Additional Detail The following definitions can be utilized with the Fiber Market Cohort Analysis on page 10: . Cash Yield: Represents cash site rental revenues minus cash site rental costs of operations, divided by invested capital. . Invested Capital: Re