Slide 1: Second Quarter 2022 Earnings Conference Call
CROWN ww CASTLE July 21, 2022 Second Quarter 2022 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: Wireless Capital Spend and Mobile Data Demand Growth by Wireless Generation
Wireless Capital Soend and Mobile Data Demand Growth by Wireless Generation Key Takeaways + Capital investment for each wireless generation has increased significantly to meet exponential growth in mobile data demand. * With the 5G investment cycle in its early stages and mobile data ===> demand exp
Slide 4: Site Rental Revenue Growth Through Economic Cycles
Site Rental Revenue Growth Through Economic Cycles We have a long track record of performing and growing through periods of U.S. economic expansion and contraction. We believe the duration and magnitude of the 5G investment cycle will further extend our runway of growth. 1) Indicates U.S. recession‘
Slide 5: Collective View of Fiber Markets
Collective View of 5 Fiber Markets Q2 2021 2.2022 hi Key Movement i |) * Contribution from both small cells Inmvesies] Capit $2.6b $2.8b and fiber solutions is consistent with underwriting assumptions. Cash Yield 9% 9% * Deployed over 1.3k small cell nodes and ~900 miles of fiber. Nodes Per Mile 13
Slide 6: Fiber Market Cohort Analysis Q2 2022
Fiber Market Cohort Analysis Q2 2022 == Initial Acquired Yield™ Oo Cash Yield? O Nodes per Mile Gs) @) 22.0% 9.4% 9.0% 7.8% ~* 9.6% 6.0% 5.6% HSE Los Angeles Philadelphia Denver Phoenix Orlando Invested Capital: $1.6b $0.9b <$0.1b $0.1b $0.1b Route Miles: 7.4k 5.0k 0.2k 0.8k 0.5k Weighted Avg. Life
Slide 7: Q2 2022 Results
Q2 ($ in 2022 Results millions, except per share amounts) Site Rental Revenues Adjusted EBITDA $1,567 $1,425 $1,078 $958 % $142 / 10% 4 $120 / 13% Organic Contribution 5% Q2 2021 Q2 2022 Q2 2021 Q2 2022 Results Results Results Results Co CROWN _ 1._ See Supplemental Information Package for further i
Slide 8: Full Year 2022 Outlook
Full Year 2022 Outlook ($ in millions) Site Rental Revenues Adjusted EBITDA AFFO $6,242 $6,242 to to $6,287 $6,287 $4,329 to $5,719 $4,374 $3,816 $3,178 to $3,223 Unchanged $3,013 from Previous Outlook 4$20M vs. Previous Unchanged 410% YoY Outlook® from Growth Previous 714% YoY Outlook Growth 4 6% Y
Slide 9: 2022 Outlook for Organic Contribution to Site Rental Billings, Growth in Site Rental Revenues
2022 Outlook for Organic Contribution to Site Rental Billings, Growth in Site Rental Revenues ($ in millions) $290-$310 $5 $535-$580 $95-$105 $320-$350 $230-$270 ($195)-($175) Core Leasing Plus: Less: Organic Change in Change in Growth in Activity Escalator Non-Renewal Contribution to Site Straight-
Slide 10: 2022 Outlook for AFFO Growth
2022 Outlook for AFFO Growth ($ in millions) $230-$270 $25-$55 [ $165-$210 ($70)-($40) ($60)-($30) Organic Increase in Change in Other? 2022E Contribution to Expenses Services AFFO Growth Site Rental Billings Contribution Previous rere) $230-$270 ($70)-($40) ($40)-($10) $165-$210 jutlool Note: Compo
Slide 11: 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 pages 4 and 5: . Cash Yield: Represents cash site rental revenues minus cash site rental costs of operations, divided by invested capital. . Invested Capit