Permianville Royalty Trust
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Energy : Oil, Gas & Consumable Fuels | Small Cap Blend
Company profile

Permianville Royalty Trust (the Trust) is a statutory trust formed by Enduro Resource Partners LLC (Enduro), as trustor, The Bank of New York Mellon Trust Company, N.A. (the Trustee), as trustee, and Wilmington Trust Company (the Delaware Trustee), as Delaware Trustee. The Trust is created to acquire and hold for the benefit of the Trust unitholders a net profits interest representing the right to receive approximately 80% of the net profits from the sale of oil and natural gas production from certain properties in the states of Texas, Louisiana and New Mexico held by Enduro. The properties in which the Trust holds the Net Profits Interest are referred to as the Underlying Properties. The Underlying Properties consist of producing and non-producing interests in oil and natural gas units, wells and lands in Texas, Louisiana and New Mexico.

Price
Delayed
$3.75
Day's Change
0.17 (4.75%)
Bid
--
Ask
--
B/A Size
--
Day's High
3.83
Day's Low
3.60
Volume
(Average)

Today's volume of 94,599 shares is on pace to be in-line with PVL's 10-day average volume of 169,033 shares.

94,599

Crown Castle Reports Second Quarter 2022 Results and Updates Outlook for Full Year 2022

4:20 pm ET July 20, 2022 (Globe Newswire) Print

EQNX::TICKER_START (NYSE:CCI), EQNX::TICKER_END Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") today reported results for the second quarter ended June 30, 2022 and updated its full year 2022 outlook to reflect improving operating conditions offset by increasing interest expense.

(dollars in millions, except per share amounts)             Current Full Year 2022 Outlook Full Year 2021 Actual % Change Previous Full Year 2022 Outlook Current Compared to Previous Outlook
Site rental revenues                                        $6,265                         $5,719                10%      $6,265                          $--
Income (loss) from continuing operations                    $1,694                         $1,158                46%      $1,714                          -$20
Income (loss) from continuing operations per share--diluted $3.90                          $2.67                 46%      $3.94                           -$0.04
Adjusted EBITDA                                             $4,352                         $3,816                14%      $4,332                          +$20
AFFO                                                        $3,201                         $3,013                6%       $3,201                          $--
AFFO per share                                              $7.36                          $6.95                 6%       $7.36                           $--

(a) Reflects midpoint of full year 2022 Outlook as issued on July 20, 2022.

(b) Reflects midpoint of full year 2022 Outlook as issued on April 20, 2022.

(c) Does not reflect the impact related to the ATO Settlement (as defined in the Form 8-K filed with the Securities and Exchange Commission on April 26, 2021 ("April 2021 8-K"), which is attributable to discontinued operations in the first quarter of 2021 as discussed in the April 2021 8-K.

(d) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to income (loss) from continuing operations, as computed in accordance with GAAP.

"We delivered another solid quarter of growth in the second quarter and once again increased our operating expectations for the full year 2022," stated Jay Brown, Crown Castle's Chief Executive Officer. "Consistent with the last couple of decades, it is clear to us that the U.S. represents the highest growth and lowest risk market in the world for communications infrastructure ownership. We are busy supporting our customers as they have begun to upgrade their existing cell sites and deploy thousands of new sites on our macro towers as part of the first phase of the 5G build out, which drove 6% organic revenue growth in our Towers segment through the first half of this year. At the same time, 2022 represents an important transition year for our small cells and fiber business as we prepare to double the rate of expected small cell deployments next year when compared to the approximately 5,000 small cell nodes we expect to deploy this year. We believe our comprehensive offering of 40,000 towers, 115,000 small cells on air or under contract and 85,000 route miles of fiber provides shareholders with the most exposure to the development of next-generation wireless networks in the best market in the world and extends our opportunity to create value for our shareholders by delivering long-term annual dividend per share growth of 7% to 8%."

RESULTS FOR THE QUARTER

The table below sets forth select financial results for the quarter ended June 30, 2022 and June 30, 2021.

(dollars in millions, except per share amounts)             Q2 2022 Q2 2021 Change Change %
Site rental revenues                                        $1,567  $1,425  $142   10%
Income (loss) from continuing operations                    $421    $333    $88    26%
Income (loss) from continuing operations per share--diluted $0.97   $0.77   $0.20  26%
Adjusted EBITDA                                             $1,078  $958    $120   13%
AFFO                                                        $783    $741    $42    6%
AFFO per share                                              $1.80   $1.71   $0.09  5%

(a) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to income (loss) from continuing operations, as computed in accordance with GAAP.

HIGHLIGHTS FROM THE QUARTER

HIGHLIGHTS SUBSEQUENT TO THE QUARTER

"We are excited about the growth in our business as our customers are deploying 5G at scale, which is resulting in meaningfully higher operating performance relative to our expectations at the beginning of the year," stated Dan Schlanger, Crown Castle's Chief Financial Officer. "Although we expect the rapid rise in interest rates to prevent that outperformance from flowing through to additional AFFO growth this year, we believe our business and balance sheet will allow us to deliver compelling growth through various economic cycles. Our cost structure is largely fixed in nature, and we have taken deliberate steps to further strengthen our balance sheet position to where we sit today with nine years of weighted average term remaining and 85% fixed-rate debt. With significant liquidity following the increase in our Revolving Credit Facility to $7 billion and limited debt maturities through 2024, we are well positioned to pursue investment opportunities that are consistent with our strategy and support our ability to deliver attractive risk-adjusted returns through a combination of dividends and growth."

OUTLOOK

This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in Crown Castle's filings with the SEC.

The following table sets forth Crown Castle's current outlook for full year 2022.

(in millions, except per share amounts)                       Full Year 2022    Change to Midpoint from Previous Outlook
Site rental revenues                                          $6,242 to $6,287  $--
Site rental costs of operations                               $1,548 to $1,593  $--
Income (loss) from continuing operations                      $1,654 to $1,734  -$20
Adjusted EBITDA                                               $4,329 to $4,374  +$20
Interest expense and amortization of deferred financing costs $680   to $725    +$45
FFO                                                           $3,343 to $3,388  -$15
AFFO                                                          $3,178 to $3,223  $--
AFFO per share                                                $7.31  to $7.41   $--

(a) Exclusive of depreciation, amortization and accretion.

(b) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further information and reconciliation of non-GAAP financial measures to income (loss) from continuing operations, as computed in accordance with GAAP.

(c) See reconciliation of "Components of Outlook for Interest Expense and Amortization of Deferred Financing Costs" for a discussion of non-cash interest expense.

(d) As issued on April 20, 2022.

Chart 1

Chart 2

Additional information is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of our website.

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Thursday, July 21, 2022, at 10:30 a.m. Eastern time to discuss its second quarter 2022 results. The conference call may be accessed by dialing 800-263-0877 and asking for the Crown Castle call (access code 7823263) at least 30 minutes prior to the start time. The conference call may also be accessed live over the Internet at investor.crowncastle.com. Supplemental materials for the call have been posted on the Crown Castle website at investor.crowncastle.com.

A telephonic replay of the conference call will be available from 1:30 p.m. Eastern time on Thursday, July 21, 2022, through 1:30 p.m. Eastern time on Wednesday, October 19, 2022, and may be accessed by dialing 888-203-1112 and using access code 7823263. An audio archive will also be available on Crown Castle's website at investor.crowncastle.com shortly after the call and will be accessible for approximately 90 days.

ABOUT CROWN CASTLE

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 85,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit www.crowncastle.com.

 Contacts: Dan Schlanger, CFO
 Ben Lowe, SVP & Treasurer
 Crown Castle International Corp.
 713-570-3050

Non-GAAP Financial Measures, Segment Measures and Other Calculations

This press release includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, and Organic Contribution to Site Rental Billings, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).

Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the communications infrastructure sector or other real estate investment trusts ("REITs").

In addition to the non-GAAP financial measures used herein, we also provide Segment Site Rental Gross Margin, Segment Services and Other Gross Margin and Segment Operating Profit, which are key measures used by management to evaluate our operating segments. These segment measures are provided pursuant to GAAP requirements related to segment reporting. In addition, we provide the components of certain GAAP measures, such as site rental revenues and capital expenditures.

Our non-GAAP financial measures are presented as additional information because management believes these measures are useful indicators of the financial performance of our business. Among other things, management believes that:

We define our non-GAAP financial measures, segment measures and other calculations as follows:

Non-GAAP Financial Measures

Adjusted EBITDA. We define Adjusted EBITDA as income (loss) from continuing operations plus restructuring charges (credits), asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, interest income, other (income) expense, (benefit) provision for income taxes, cumulative effect of a change in accounting principle and stock-based compensation expense.

Adjusted Funds from Operations. We define Adjusted Funds from Operations as FFO before straight-lined revenues, straight-lined expenses, stock-based compensation expense, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, acquisition and integration costs, restructuring charges (credits), cumulative effect of a change in accounting principle and adjustments for noncontrolling interests, less sustaining capital expenditures.

AFFO per share. We define AFFO per share as AFFO divided by diluted weighted-average common shares outstanding.

Funds from Operations. We define Funds from Operations as income (loss) from continuing operations plus real estate related depreciation, amortization and accretion and asset write-down charges, less noncontrolling interest and cash paid for preferred stock dividends (in periods where applicable), and is a measure of funds from operations attributable to common stockholders.

FFO per share. We define FFO per share as FFO divided by diluted weighted-average common shares outstanding.

Organic Contribution to Site Rental Billings. We define Organic Contribution to Site Rental Billings as the sum of the change in GAAP site rental revenues related to core leasing activity and escalators, less non-renewals of tenant contracts.

Segment Measures

Segment site rental gross margin. We define segment site rental gross margin as segment site rental revenues less segment site rental costs of operations, excluding stock-based compensation expense and amortization of prepaid lease purchase price adjustments recorded in consolidated site rental costs of operations.

Segment services and other gross margin. We define segment services and other gross margin as segment services and other revenues less segment services and other costs of operations, excluding stock-based compensation expense recorded in consolidated services and other costs of operations.

Segment operating profit. We define segment operating profit as segment site rental gross margin plus segment services and other gross margin, and segment other operating (income) expense, less selling, general and administrative expenses attributable to the respective segment.

All of these measurements of profit or loss are exclusive of depreciation, amortization and accretion, which are shown separately. Additionally, certain costs are shared across segments and are reflected in our segment measures through allocations that management believes to be reasonable.

Other Calculations

Site rental billings. We define site rental billings as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP and (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions.

Core leasing activity. We define core leasing activity as site rental revenues growth from tenant additions across our entire portfolio and renewals or extensions of tenant contracts, exclusive of the impacts from both straight-lined revenues and amortization of prepaid rent in accordance with GAAP.

Non-renewals. We define non-renewals of tenant contracts as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates.

Discretionary capital expenditures. We define discretionary capital expenditures as those capital expenditures made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. They primarily consist of expansion or development of communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects.

Sustaining capital expenditures. We define sustaining capital expenditures as those capital expenditures not otherwise categorized as discretionary capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.

The tables set forth on the following pages reconcile the non-GAAP financial measures used herein to comparable GAAP financial measures.

Reconciliations of Non-GAAP Financial Measures, Segment Measures and Other Calculations to Comparable GAAP Financial Measures:

Reconciliation of Historical Adjusted EBITDA:

                                                                             For the Three Months Ended     For the Six Months Ended          For the Twelve
                                                                                                                                              Months Ended
(in millions)                                                                June 30, 2022  June 30, 2021   June 30, 2022    June 30, 2021    December 31, 2021
Income (loss) from continuing operations                                     $      421     $    333        $    842         $    455         $     1,158
Adjustments to increase (decrease) income (loss) from continuing operations:
Asset write-down charges                                                            9            6               23               9                 21
Acquisition and integration costs                                                   1            1               1                1                 1
Depreciation, amortization and accretion                                            427          408             847              816               1,644
Amortization of prepaid lease purchase price adjustments                            4            4               8                9                 18
Interest expense and amortization of deferred financing costs                       165          161             329              330               657
(Gains) losses on retirement of long-term obligations                               --           1               26               144               145
Interest income                                                                     --           (1   )          (1    )          (1    )           (1    )
Other (income) expense                                                              2            5               4                12                21
(Benefit) provision for income taxes                                                5            6               11               13                21
Stock-based compensation expense                                                    44           34              83               68                131
Adjusted EBITDA                                                              $      1,078   $    958        $    2,173       $    1,856       $     3,816

Reconciliation of Current Outlook for Adjusted EBITDA:

                                                                             Full Year 2022
(in millions)                                                                Outlook
Income (loss) from continuing operations                                     $1,654  to $1,734
Adjustments to increase (decrease) income (loss) from continuing operations:
Asset write-down charges                                                     $20     to $30
Acquisition and integration costs                                            $1      to $9
Depreciation, amortization and accretion                                     $1,650  to $1,745
Amortization of prepaid lease purchase price adjustments                     $16     to $18
Interest expense and amortization of deferred financing costs                $680    to $725
(Gains) losses on retirement of long-term obligations                        $25     to $75
Interest income                                                              $(3)    to $(2)
Other (income) expense                                                       $0      to $5
(Benefit) provision for income taxes                                         $20     to $28
Stock-based compensation expense                                             $135    to $139
Adjusted EBITDA                                                              $4,329  to $4,374

(a) Does not reflect the impact related to the ATO Settlement (as defined in the April 2021 8-K), which is attributable to discontinued operations in the first quarter of 2021 as discussed in the April 2021 8-K.

(b) See reconciliation of "Components of Historical Interest Expense and Amortization of Deferred Financing Costs" for a discussion of non-cash interest expense.

(c) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definition of Adjusted EBITDA.

(d) The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

(e) See reconciliation of "Components of Outlook for Interest Expense and Amortization of Deferred Financing Costs" for a discussion of non-cash interest expense.

(f) As issued on July 20, 2022.

Reconciliation of Historical FFO and AFFO:

                                                                 For the Three Months Ended      For the Six Months Ended          For the Twelve Months Ended
(in millions, except per share amounts)                          June 30, 2022   June 30, 2021   June 30, 2022    June 30, 2021    December 31, 2021
Income (loss) from continuing operations                         $    421        $    333        $    842         $    455         $         1,158
Real estate related depreciation, amortization and accretion          412             395             820              790                   1,593
Asset write-down charges                                              9               6               23               9                     21
FFO                                                              $    842        $    734        $    1,685       $    1,254       $         2,772
Weighted-average common shares outstanding--diluted                   434             434             434              434                   434
FFO per share                                                    $    1.94       $    1.69       $    3.88        $    2.89        $         6.39
FFO (from above)                                                 $    842        $    734        $    1,685       $    1,254       $         2,772
Adjustments to increase (decrease) FFO:
Straight-lined revenues                                               (120 )          (45  )          (235  )          (35   )               (111      )
Straight-lined expenses                                               19              20              37               39                    76
Stock-based compensation expense                                      44              34              83               68                    131
Non-cash portion of tax provision                                     (3   )          (7   )          2                --                    1
Non-real estate related depreciation, amortization and accretion      15              13              27               26                    51
Amortization of non-cash interest expense                             4               4               7                6                     13
Other (income) expense                                                2               5               4                12                    21
(Gains) losses on retirement of long-term obligations                 --              1               26               144                   145
Acquisition and integration costs                                     1               1               1                1                     1
Sustaining capital expenditures                                       (21  )          (19  )          (42   )          (36   )               (87       )
AFFO                                                             $    783        $    741        $    1,595       $    1,479       $         3,013
Weighted-average common shares outstanding--diluted                   434             434             434              434                   434
AFFO per share                                                   $    1.80       $    1.71       $    3.67        $    3.41        $         6.95

(a) Does not reflect the impact related to the ATO Settlement (as defined in the April 2021 8-K), which is attributable to discontinued operations in the first quarter of 2021 as discussed in the April 2021 8-K.

(b) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of FFO and AFFO, including per share amounts.

(c) The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

Reconciliation of Current Outlook for FFO and AFFO:

                                                                 Full Year 2022
(in millions, except per share amounts)                          Outlook
Income (loss) from continuing operations                         $1,654  to $1,734
Real estate related depreciation, amortization and accretion     $1,607  to $1,687
Asset write-down charges                                         $20     to $30
FFO                                                              $3,343  to $3,388
Weighted-average common shares outstanding--diluted              435
FFO per share                                                    $7.69   to $7.79
FFO (from above)                                                 $3,343  to $3,388
Adjustments to increase (decrease) FFO:
Straight-lined revenues                                          $(419)  to $(399)
Straight-lined expenses                                          $56     to $76
Stock-based compensation expense                                 $135    to $139
Non-cash portion of tax provision                                $0      to $15
Non-real estate related depreciation, amortization and accretion $43     to $58
Amortization of non-cash interest expense                        $5      to $15
Other (income) expense                                           $0      to $5
(Gains) losses on retirement of long-term obligations            $25     to $75
Acquisition and integration costs                                $1      to $9
Sustaining capital expenditures                                  $(98)   to $(78)
AFFO                                                             $3,178  to $3,223
Weighted-average common shares outstanding--diluted              435
AFFO per share                                                   $7.31   to $7.41

(a) As issued on July 20, 2022.

(b) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of FFO and AFFO, including per share amounts.

(c) The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

(d) The assumption for diluted weighted-average common shares outstanding for full year 2022 Outlook is based on the diluted common shares outstanding as of June 30, 2022.

For Comparative Purposes - Reconciliation of Previous Outlook for Adjusted EBITDA:

                                                                             Previously Issued
                                                                             Full Year 2022
(in millions)                                                                Outlook
Income (loss) from continuing operations                                     $1,674  to $1,754
Adjustments to increase (decrease) income (loss) from continuing operations:
Asset write-down charges                                                     $15     to $25
Acquisition and integration costs                                            $0      to $8
Depreciation, amortization and accretion                                     $1,650  to $1,745
Amortization of prepaid lease purchase price adjustments                     $16     to $18
Interest expense and amortization of deferred financing costs                $635    to $680
(Gains) losses on retirement of long-term obligations                        $25     to $75
Interest income                                                              $(1)    to $0
Other (income) expense                                                       $0      to $5
(Benefit) provision for income taxes                                         $25     to $33
Stock-based compensation expense                                             $135    to $139
Adjusted EBITDA                                                              $4,309  to $4,354

For Comparative Purposes - Reconciliation of Previous Outlook for FFO and AFFO:

                                                                 Previously Issued
                                                                 Full Year 2022
(in millions, except per share amounts)                          Outlook
Income (loss) from continuing operations                         $1,674  to $1,754
Real estate related depreciation, amortization and accretion     $1,607  to $1,687
Asset write-down charges                                         $15     to $25
FFO                                                              $3,358  to $3,403
Weighted-average common shares outstanding--diluted              435
FFO per share                                                    $7.72   to $7.82
FFO (from above)                                                 $3,358  to $3,403
Adjustments to increase (decrease) FFO:
Straight-lined revenues                                          $(419)  to $(399)
Straight-lined expenses                                          $56     to $76
Stock-based compensation expense                                 $135    to $139
Non-cash portion of tax provision                                $0      to $15
Non-real estate related depreciation, amortization and accretion $43     to $58
Amortization of non-cash interest expense                        $5      to $15
Other (income) expense                                           $0      to $5
(Gains) losses on retirement of long-term obligations            $25     to $75
Acquisition and integration costs                                $0      to $8
Sustaining capital expenditures                                  $(113)  to $(93)
AFFO                                                             $3,178  to $3,223
Weighted-average common shares outstanding--diluted              435
AFFO per share                                                   $7.31   to $7.41

(a) As issued on April 20, 2022.

(b) See reconciliation of "Components of Outlook for Interest Expense and Amortization of Deferred Financing Costs" for a discussion of non-cash interest expense.

(c) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of Adjusted EBITDA as well as FFO and AFFO, including per share amounts

(d) The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

(e) The assumption for diluted weighted-average common shares outstanding for full year 2022 Outlook is based on the diluted common shares outstanding as of June 30, 2022.

Components of Changes in Site Rental Revenues for the Quarters Ended June 30, 2022 and 2021:

                                                                     Three Months Ended June 30,
(dollars in millions)                                                    2022           2021
Components of changes in site rental revenues:
Prior year site rental billings                                      $   1,245      $   1,181
Core leasing activity                                                    75             82
Escalators                                                               22             23
Non-renewals                                                             (39   )        (43   )
Organic Contribution to Site Rental Billings                             58             62
Impact from straight-lined revenues associated with fixed escalators     120            45
Impact from prepaid rent amortization                                    143            136
Acquisitions                                                             1              1
Other                                                                    --             --
Total GAAP site rental revenues                                      $   1,567      $   1,425
Year-over-year changes in revenues:
Reported GAAP site rental revenues                                       10.0  %
Contribution from core leasing and escalators                            7.8   %
Organic Contribution to Site Rental Billings                             4.7   %

Components of Changes in Site Rental Revenues for Full Year 2022 Outlook:

(dollars in millions)                                                Current Full Year 2022 Outlook
Components of changes in site rental revenues:
Prior year site rental billings                                      $5,048
Core leasing activity                                                $320   to   $350
Escalators                                                           $95    to   $105
Non-renewals                                                         $(195) to   $(175)
Organic Contribution to Site Rental Billings                         $230   to   $270
Impact from straight-lined revenues associated with fixed escalators $399   to   $419
Impact from prepaid rent amortization                                $560   to   $570
Acquisitions                                                         --
Other                                                                --
Total GAAP site rental revenues                                      $6,242 to   $6,287
Year-over-year changes in revenues:
Reported GAAP site rental revenues                                   9.5%
Contribution from core leasing and escalators                        8.6%
Organic Contribution to Site Rental Billings                         5.0%

(a) Additional information regarding our site rental revenues, including projected revenues from tenant contracts, straight-lined revenues and prepaid rent is available in our quarterly Supplemental Information Package posted in the Investors section of our website.

(b) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for our definitions of site rental billings, core leasing activity, non-renewals and Organic Contribution to Site Rental Billings.

(c) Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings until the one-year anniversary of such acquisitions.

(d) Calculated as the percentage change from prior year site rental billings compared to the sum of core leasing and escalators for the current period.

(e) Calculated as the percentage change from prior year site rental billings compared to Organic Contribution to Site Rental Billings for the current period.

(f) As issued on July 20, 2022.

(g) Calculated based on midpoint of full year 2022 Outlook.

Components of Historical Interest Expense and Amortization of Deferred Financing Costs:

                                                                                For the Three Months Ended
(in millions)                                                                   June 30, 2022   June 30, 2021
Interest expense on debt obligations                                            $    161        $    157
Amortization of deferred financing costs and adjustments on long-term debt, net      7               7
Capitalized interest                                                                 (3   )          (3   )
Interest expense and amortization of deferred financing costs                   $    165        $    161

Components of Outlook for Interest Expense and Amortization of Deferred Financing Costs:

(in millions)                                                                   Current Full Year 2022 Outlook  Previous Full Year 2022 Outlook
Interest expense on debt obligations                                            $682   to   $702                $637   to   $657
Amortization of deferred financing costs and adjustments on long-term debt, net $25    to   $30                 $25    to   $30
Capitalized interest                                                            $(20)  to   $(15)               $(20)  to   $(15)
Interest expense and amortization of deferred financing costs                   $680   to   $725                $635   to   $680

(a) As issued on July 20, 2022.

(b) As issued on April 20, 2022.

Debt Balances and Maturity Dates as of June 30, 2022:

(in millions)                              Face Value    Final Maturity
Cash, cash equivalents and restricted cash $     446
Secured Notes, Series 2009-1, Class A-2          50      Aug. 2029
Tower Revenue Notes, Series 2015-2               700     May 2045
Tower Revenue Notes, Series 2018-2               750     July 2048
Finance leases and other obligations             235     Various
Total secured debt                         $     1,735
2016 Revolver                                    1,150   July 2027
2016 Term Loan A                                 1,207   July 2027
Commercial Paper Notes                           952     Various
3.150% Senior Notes                              750     July 2023
3.200% Senior Notes                              750     Sept. 2024
1.350% Senior Notes                              500     July 2025
4.450% Senior Notes                              900     Feb. 2026
3.700% Senior Notes                              750     June 2026
1.050% Senior Notes                              1,000   July 2026
2.900% Senior Notes                              750     Mar. 2027
4.000% Senior Notes                              500     Mar. 2027
3.650% Senior Notes                              1,000   Sept. 2027
3.800% Senior Notes                              1,000   Feb. 2028
4.300% Senior Notes                              600     Feb. 2029
3.100% Senior Notes                              550     Nov. 2029
3.300% Senior Notes                              750     July 2030
2.250% Senior Notes                              1,100   Jan. 2031
2.100% Senior Notes                              1,000   Apr. 2031
2.500% Senior Notes                              750     July 2031
2.900% Senior Notes                              1,250   Apr. 2041
4.750% Senior Notes                              350     May 2047
5.200% Senior Notes                              400     Feb. 2049
4.000% Senior Notes                              350     Nov. 2049
4.150% Senior Notes                              500     July 2050
3.250% Senior Notes                              900     Jan. 2051
Total unsecured debt                       $     19,709
Total net debt                             $     20,998

(a) The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.

(b) If the respective series of Tower Revenue Notes are not paid in full on or prior to an applicable anticipated repayment date, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. The Senior Secured Tower Revenue Notes, 2015-2 and 2018-2 have anticipated repayment dates in 2025 and 2028, respectively. Notes are prepayable at par if voluntarily repaid within eighteen months of maturity; earlier prepayment may require additional consideration.

(c) Gives effect to the July 2022 amendment to the credit agreement governing the Senior Unsecured Credit Facility ("2022 Credit Agreement Amendment").

(d) As of June 30, 2022, after giving effect to the 2022 Credit Agreement Amendment, the undrawn availability under the $7.0 billion 2016 Revolver was $5.8 billion.

(e) As of June 30, 2022, the Company had $1.0 billion available for issuance under the $2.0 billion unsecured commercial paper program. The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.

Net Debt to Last Quarter Annualized Adjusted EBITDA Calculation:

(dollars in millions)                                    For the Three Months Ended June 30, 2022
Total face value of debt                                 $                    21,444
Less: Ending cash, cash equivalents and restricted cash                       446
Total Net Debt                                           $                    20,998
Adjusted EBITDA for the three months ended June 30, 2022 $                    1,078
Last quarter annualized Adjusted EBITDA                                       4,312
Net Debt to Last Quarter Annualized Adjusted EBITDA      4.9x

Components of Capital Expenditures:

                                                                      For the Three Months Ended
(in millions)                                                         June 30, 2022                June 30, 2021
                                                                      Towers  Fiber  Other Total   Towers  Fiber  Other Total
Discretionary:
Purchases of land interests                                           $   15  $  --  $  -- $  15   $   21  $  --  $  -- $  21
Communications infrastructure improvements and other capital projects     27     235    5     267      39     223    6     268
Sustaining                                                                3      12     6     21       3      12     4     19
Total                                                                 $   45  $  247 $  11 $  303  $   63  $  235 $  10 $  308
                                                                      For the Six Months Ended
(in millions)                                                         June 30, 2022                June 30, 2021
                                                                      Towers  Fiber  Other Total   Towers  Fiber  Other Total
Discretionary:
Purchases of land interests                                           $   25  $  --  $  -- $  25   $   35  $  --  $  -- $  35
Communications infrastructure improvements and other capital projects     62     444    11    517      73     449    16    538
Sustaining                                                                5      25     12    42       6      23     7     36
Total                                                                 $   92  $  469 $  23 $  584  $   114 $  472 $  23 $  609

(a) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for further discussion of our components of capital expenditures.

Cautionary Language Regarding Forward-Looking Statements

This news release contains forward-looking statements and information that are based on our management's current expectations as of the date of this news release. Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "see," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," "focus," and any variations of these words and similar expressions are intended to identify forward-looking statements. Such statements include our full year 2022 Outlook and plans, projections, and estimates regarding (1) potential benefits, growth, returns, capabilities, opportunities and shareholder value which may be derived from our business, strategy, risk profile, assets and customer solutions, investments, acquisitions and dividends, (2) our business, strategy, strategic position, business model and capabilities and the strength thereof, (3) 5G deployment in the United States and our customers' strategy and plans with respect thereto and demand for our assets and solutions created by such deployment and our customers' strategy and plans, (4) our long- and short-term prospects and the trends, events and industry activities impacting our business, (5) opportunities we see to deliver value to our shareholders, (6) our dividends (including timing of payment thereof), dividend targets, dividend payout ratio, and our long- and short-term dividend (including on a per share basis) growth rate, and its driving factors, (7) our debt and debt maturities, (8) cash flows, including growth thereof, (9) leasing environment and the leasing activity we see in our business (including with respect to our Towers segment), and benefits and opportunities created thereby, (10) tenant non-renewals, including the impact and timing thereof, (11) capital expenditures, including sustaining and discretionary capital expenditures, the timing and funding thereof and any benefits that may result therefrom, (12) revenues and growth thereof (including with respect to our Towers business) and benefits derived therefrom, (13) Income (loss) from continuing operations (including on a per share basis), (14) Adjusted EBITDA, including components thereof and growth thereof, (15) costs and expenses, including interest expense (and the increase thereof) and amortization of deferred financing costs, (16) FFO (including on a per share basis) and growth thereof, (17) AFFO (including on a per share basis) and its components and growth thereof and corresponding driving factors, (18) Organic Contribution to Site Rental Billings and its components, including growth thereof and contributions therefrom, (19) our weighted-average common shares outstanding (including on a diluted basis) and growth thereof, (20) site rental revenues and the growth thereof, (21) annual small cell deployment and the impacts therefrom, including its driving factors, (22) prepaid rent, including the additions and the amortization and growth thereof, (23) the strength of the U.S. market for communications infrastructure ownership, (24) the strength of our balance sheet, (25) the utility of certain financial measures, including non-GAAP financial measures, (26) investment opportunities and the benefits that may be derived therefrom, (27) interest rates, including the increase thereof, and the impacts therefrom, (28) our liquidity, (29) the change to our corporate name, including the timing thereof, (30) our operating conditions and expectations and (31) services contribution. All future dividends are subject to declaration by our board of directors.

Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions and the following:

Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect our results is included in our filings with the SEC. Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.

As used in this release, the term "including," and any variation thereof, means "including without limitation."

 CROWN CASTLE INTERNATIONAL CORP.
 CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
 (Amounts in millions, except par values)
                                                                                                                                     June 30,       December 31,
                                                                                                                                     2022           2021
ASSETS
Current assets:
Cash and cash equivalents                                                                                                            $  281         $    292
Restricted cash                                                                                                                         160              169
Receivables, net                                                                                                                        516              543
Prepaid expenses                                                                                                                        158              105
Other current assets                                                                                                                    175              145
Total current assets                                                                                                                    1,290            1,254
Deferred site rental receivables                                                                                                        1,796            1,588
Property and equipment, net                                                                                                             15,219           15,269
Operating lease right-of-use assets                                                                                                     6,663            6,682
Goodwill                                                                                                                                10,087           10,078
Other intangible assets, net                                                                                                            3,822            4,046
Other assets, net                                                                                                                       136              123
Total assets                                                                                                                         $  39,013      $    39,040
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable                                                                                                                     $  230         $    246
Accrued interest                                                                                                                        180              182
Deferred revenues                                                                                                                       701              776
Other accrued liabilities                                                                                                               342              401
Current maturities of debt and other obligations                                                                                        70               72
Current portion of operating lease liabilities                                                                                          348              349
Total current liabilities                                                                                                               1,871            2,026
Debt and other long-term obligations                                                                                                    21,212           20,557
Operating lease liabilities                                                                                                             6,017            6,031
Other long-term liabilities                                                                                                             2,052            2,168
Total liabilities                                                                                                                       31,152           30,782
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value; 1,200 shares authorized; shares issued and outstanding: June 30, 2022--433 and December 31, 2021--432    4                4
Additional paid-in capital                                                                                                              18,050           18,011
Accumulated other comprehensive income (loss)                                                                                           (5      )        (4     )
Dividends/distributions in excess of earnings                                                                                           (10,188 )        (9,753 )
Total equity                                                                                                                            7,861            8,258
Total liabilities and equity                                                                                                         $  39,013      $    39,040
 CROWN CASTLE INTERNATIONAL CORP.
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
 (Amounts in millions, except per share amounts)
                                                                     Three Months Ended June 30,   Six Months Ended June 30,
                                                                         2022           2021           2022           2021
Net revenues:
Site rental                                                          $   1,567      $   1,425      $   3,143      $   2,794
Services and other                                                       167            158            333            274
Net revenues                                                             1,734          1,583          3,476          3,068
Operating expenses:
Costs of operations:
Site rental                                                              402            389            798            770
Services and other                                                       112            105            225            186
Selling, general and administrative                                      190            169            371            333
Asset write-down charges                                                 9              6              23             9
Acquisition and integration costs                                        1              1              1              1
Depreciation, amortization and accretion                                 427            408            847            816
Total operating expenses                                                 1,141          1,078          2,265          2,115
Operating income (loss)                                                  593            505            1,211          953
Interest expense and amortization of deferred financing costs            (165  )        (161  )        (329  )        (330  )
Gains (losses) on retirement of long-term obligations                    --             (1    )        (26   )        (144  )
Interest income                                                          --             1              1              1
Other income (expense)                                                   (2    )        (5    )        (4    )        (12   )
Income (loss) before income taxes                                        426            339            853            468
Benefit (provision) for income taxes                                     (5    )        (6    )        (11   )        (13   )
Income (loss) from continuing operations                                 421            333            842            455
Discontinued operations:
Net gain (loss) from disposal of discontinued operations, net of tax     --             1              --             (62   )
Income (loss) from discontinued operations, net of tax                   --             1              --             (62   )
Net income (loss)                                                    $   421        $   334        $   842        $   393
Net income (loss), per common share:
Income (loss) from continuing operations, basic                      $   0.97       $   0.77       $   1.95       $   1.05
Income (loss) from discontinued operations, basic                        --             --             --             (0.14 )
Net income (loss), basic                                             $   0.97       $   0.77       $   1.95       $   0.91
Income (loss) from continuing operations, diluted                    $   0.97       $   0.77       $   1.94       $   1.04
Income (loss) from discontinued operations, diluted                      --             --             --             (0.14 )
Net income (loss), diluted                                           $   0.97       $   0.77       $   1.94       $   0.90
Weighted-average common shares outstanding:
Basic                                                                    433            432            433            432
Diluted                                                                  434            434            434            434

(a) Exclusive of depreciation, amortization and accretion shown separately.

 CROWN CASTLE INTERNATIONAL CORP.
 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
 (In millions of dollars)
                                                                                                                           Six Months Ended June 30,
                                                                                                                               2022            2021
Cash flows from operating activities:
Income (loss) from continuing operations                                                                                   $   842         $   455
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion                                                                                       847             816
(Gains) losses on retirement of long-term obligations                                                                          26              144
Amortization of deferred financing costs and other non-cash interest, net                                                      7               6
Stock-based compensation expense                                                                                               83              67
Asset write-down charges                                                                                                       23              9
Deferred income tax (benefit) provision                                                                                        1               3
Other non-cash adjustments, net                                                                                                3               14
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in liabilities                                                                                             (232   )        (56    )
Decrease (increase) in assets                                                                                                  (263   )        (87    )
Net cash provided by (used for) operating activities                                                                           1,337           1,371
Cash flows from investing activities:
Capital expenditures                                                                                                           (584   )        (609   )
Payments for acquisitions, net of cash acquired                                                                                (15    )        (15    )
Other investing activities, net                                                                                                (10    )        8
Net cash provided by (used for) investing activities                                                                           (609   )        (616   )
Cash flows from financing activities:
Proceeds from issuance of long-term debt                                                                                       748             3,985
Principal payments on debt and other long-term obligations                                                                     (36    )        (1,038 )
Purchases and redemptions of long-term debt                                                                                    (1,274 )        (1,789 )
Borrowings under revolving credit facility                                                                                     2,050           580
Payments under revolving credit facility                                                                                       (1,565 )        (870   )
Net borrowings (repayments) under commercial paper program                                                                     687             (210   )
Payments for financing costs                                                                                                   (8     )        (39    )
Purchases of common stock                                                                                                      (63    )        (68    )
Dividends/distributions paid on common stock                                                                                   (1,287 )        (1,163 )
Net cash provided by (used for) financing activities                                                                           (748   )        (612   )
Net increase (decrease) in cash, cash equivalents, and restricted cash                                                         (20    )        143
Effect of exchange rate changes on cash                                                                                        --              1
Cash, cash equivalents, and restricted cash at beginning of period                                                             466             381
Cash, cash equivalents, and restricted cash at end of period                                                               $   446         $   525
Supplemental disclosure of cash flow information:
Interest paid                                                                                                                  324             344
Income taxes paid                                                                                                              9               13
 CROWN CASTLE INTERNATIONAL CORP.
 SEGMENT OPERATING RESULTS (UNAUDITED)
 (In millions of dollars)
SEGMENT OPERATING RESULTS
                                                                          Three Months Ended June 30, 2022                Three Months Ended June 30, 2021
                                                                          Towers     Fiber   Other   Consolidated Total   Towers     Fiber   Other   Consolidated Total
Segment site rental revenues                                              $   1,078  $  489          $         1,567      $   952    $  473          $         1,425
Segment services and other revenues                                           164       3                      167            154       4                      158
Segment revenues                                                              1,242     492                    1,734          1,106     477                    1,583
Segment site rental costs of operations                                       232       162                    394            221       161                    382
Segment services and other costs of operations                                107       2                      109            100       3                      103
Segment costs of operations                                                   339       164                    503            321       164                    485
Segment site rental gross margin                                              846       327                    1,173          731       312                    1,043
Segment services and other gross margin                                       57        1                      58             54        1                      55
Segment selling, general and administrative expenses                          28        46                     74             26        44                     70
Segment operating profit                                                      875       282                    1,157          759       269                    1,028
Other selling, general and administrative expenses                                           $  79             79                            $  70             70
Stock-based compensation expense                                                                44             44                               34             34
Depreciation, amortization and accretion                                                        427            427                              408            408
Interest expense and amortization of deferred financing costs                                   165            165                              161            161
Other (income) expenses to reconcile to income (loss) before income taxes                       16             16                               16             16
Income (loss) before income taxes                                                                    $         426                                   $         339
FIBER SEGMENT SITE RENTAL REVENUES SUMMARY
                     Three Months Ended June 30,
                             2022                                  2021
                     Fiber Solutions  Small Cells  Total   Fiber Solutions  Small Cells  Total
Site rental revenues $       333      $     156    $  489  $       329      $     144    $  473

(a) Exclusive of depreciation, amortization and accretion shown separately.

(b) Segment costs of operations exclude (1) stock-based compensation expense of $7 million and $5 million for the three months ended June 30, 2022 and 2021, respectively, (2) prepaid lease purchase price adjustments of $4 million for each of the the three months ended June 30, 2022 and 2021. Selling, general and administrative expenses exclude stock-based compensation expense of $37 million and $29 million for the three months ended June 30, 2022 and 2021, respectively.

(c) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.

(d) See condensed consolidated statement of operations for further information.

SEGMENT OPERATING RESULTS
                                                                          Six Months Ended June 30, 2022                  Six Months Ended June 30, 2021
                                                                          Towers     Fiber   Other   Consolidated Total   Towers     Fiber   Other   Consolidated Total
Segment site rental revenues                                              $   2,153  $  990          $         3,143      $   1,847  $  947          $         2,794
Segment services and other revenues                                           327       6                      333            265       9                      274
Segment revenues                                                              2,480     996                    3,476          2,112     956                    3,068
Segment site rental costs of operations                                       458       323                    781            433       322                    755
Segment services and other costs of operations                                216       4                      220            175       6                      181
Segment costs of operations                                                   674       327                    1,001          608       328                    936
Segment site rental gross margin                                              1,695     667                    2,362          1,414     625                    2,039
Segment services and other gross margin                                       111       2                      113            90        3                      93
Segment selling, general and administrative expenses                          56        93                     149            51        89                     140
Segment operating profit                                                      1,750     576                    2,326          1,453     539                    1,992
Other selling, general and administrative expenses                                           $  153            153                           $  136            136
Stock-based compensation expense                                                                83             83                               68             68
Depreciation, amortization and accretion                                                        847            847                              816            816
Interest expense and amortization of deferred financing costs                                   329            329                              330            330
Other (income) expenses to reconcile to income (loss) before income taxes                       61             61                               174            174
Income (loss) before income taxes                                                                    $         853                                   $         468
FIBER SEGMENT SITE RENTAL REVENUES SUMMARY
                     Six Months Ended June 30,
                             2022                                  2021
                     Fiber Solutions  Small Cells  Total   Fiber Solutions  Small Cells  Total
Site rental revenues $       679      $     311    $  990  $       659      $     288    $  947

(a) Exclusive of depreciation, amortization and accretion shown separately.

(b) Segment costs of operations exclude (1) stock-based compensation expense of $14 million and $11 million for the six months ended June 30, 2022 and 2021, respectively, and (2) prepaid lease purchase price adjustments of $8 million and $9 million for the six months ended June 30, 2022 and 2021, respectively. Selling, general and administrative expenses exclude stock-based compensation expense of $69 million and $57 million for the six months ended June 30, 2022 and 2021, respectively.

(c) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" for a discussion of our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.

(d) See condensed consolidated statement of operations for further information.

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