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Mar 31, 2022
Crown Castle Q1 2022 Earnings Report
Reported first quarter 2022 results and increased outlook for full year 2022.
Key Takeaways
Crown Castle's first quarter 2022 results showed a 15% increase in site rental revenues and a 9% growth in AFFO per share, driven by a robust 5G leasing environment. The company has increased its full year 2022 outlook due to strong tower leasing activity.
Site rental revenues grew 15% compared to Q1 2021, including a 6% organic contribution to site rental billings.
Income from continuing operations increased to $421 million, up from $121 million in Q1 2021.
Adjusted EBITDA for Q1 2022 was $1.1 billion, a 22% increase year-over-year.
AFFO per share grew by 9% to $1.87 compared to $1.71 in the first quarter of 2021.
Revenue by Segment
Forward Guidance
Crown Castle has increased its full year 2022 outlook for site rental revenues and Adjusted EBITDA, reflecting an increase in expected Tower activity and contribution from the services business. The full year 2022 Outlook for AFFO is unchanged, reflecting an increase to the expected full year interest expense resulting from higher interest rates.
Positive Outlook
- Increase in expected Tower activity
- Additional $40 million in straight-lined revenues
- An additional $20 million in additional contribution from our services business.
- Site rental revenues between $6,242 million and $6,287 million
- Adjusted EBITDA between $4,309 million and $4,354 million
Challenges Ahead
- A $20 million increase to the expected full year interest expense resulting from higher interest rates.
- AFFO between $3,178 million and $3,223 million
- AFFO per share between $7.31 and $7.41
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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