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Dec 31, 2022
Crown Castle Q4 2022 Earnings Report
Reported results for the fourth quarter and full year ended December 31, 2022, and maintained its full year 2023 outlook.
Key Takeaways
Crown Castle reported strong growth in 2022, with a focus on the Towers segment and dividend per share growth. The company is navigating a challenging environment with increasing interest rates, and is excited about the continued momentum across its business, which is driving another year of expected strong growth in 2023.
Generated significant growth in 2022, highlighted by nearly 6.5% organic revenue growth in the Towers segment and more than 9% dividend per share growth.
Delivered strong bottom-line growth in 2022 while navigating a challenging environment with increasing interest rates.
Led the U.S. tower industry in growth during the initial phase of 5G development over the last two years.
Comprehensive infrastructure offering of towers, small cells and fiber positions the company to continue to drive substantial growth in the future.
Crown Castle
Crown Castle
Crown Castle Revenue by Segment
Revenue by Segment
Site Rental Revenue
CapyFin.comServices and Other Revenue
CapyFin.com Forward Guidance
Crown Castle's current full year 2023 Outlook remains unchanged from the previous full year 2023 Outlook. Site rental revenues are expected to grow, with contributions from towers, small cells, and fiber solutions. AFFO is also expected to increase.
Positive Outlook
- Site rental revenues are expected to be between $6,488 million and $6,533 million.
- Organic Contribution to Site Rental Billings during 2023 of $340 million to $380 million, or approximately 7%.
- Expected consolidated growth includes approximately 5% from towers.
- Expected consolidated growth includes approximately 25% from small cells.
- Expected consolidated growth includes approximately 5% from fiber solutions.
Challenges Ahead
- Adjusted for the expected impact from the previously reported small cell and fiber solutions lease cancellations related to the consolidation of the T-Mobile US, Inc. and Sprint network, projected consolidated growth of approximately 4% includes approximately 5% from towers.
- Adjusted for the expected impact from the previously reported small cell and fiber solutions lease cancellations related to the consolidation of the T-Mobile US, Inc. and Sprint network, projected consolidated growth of approximately 8% from small cells.
- Adjusted for the expected impact from the previously reported small cell and fiber solutions lease cancellations related to the consolidation of the T-Mobile US, Inc. and Sprint network, projected consolidated growth of flat fiber solutions revenue.
- Site rental costs of operations are expected to be between $1,643 million and $1,688 million.
- Interest expense and amortization of deferred financing costs are expected to be between $814 million and $859 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income