Crown Castle Inc. Files Q2 2024 10-Q Report

TL;DR

**CROWN CASTLE (CCI) Q2 10-Q FILED: FINANCIALS OUT FOR 1H 2024.**

AI Summary

Crown Castle Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and the first half of the fiscal year. Key financial data and operational details for this period are presented, reflecting the company's performance in its real estate investment trust operations.

Why It Matters

This filing provides investors with crucial financial and operational updates for Crown Castle Inc., impacting their understanding of the company's performance and future outlook in the real estate investment trust sector.

Risk Assessment

Risk Level: medium — As a publicly traded company, Crown Castle Inc. is subject to market fluctuations and industry-specific risks inherent in the real estate investment trust sector.

Key Numbers

• 20240630 — End of Reporting Period (Indicates the specific date up to which financial information is reported.)
• 20240730 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Crown Castle Inc. (company) — Filer of the 10-Q report
• 0001051470-24-000186.txt (document) — Accession number for the filing
• 20240630 (date) — End of the reporting period
• 20240730 (date) — Date of filing
• 7135703000 (phone_number) — Company business phone number

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value CCI New York Stock Exchange

Filing Documents

• cci-20240630.htm (10-Q) — 1224KB
• exhibit311063024.htm (EX-31.1) — 10KB
• exhibit312063024.htm (EX-31.2) — 10KB
• exhibit321063024.htm (EX-32.1) — 6KB
• cci-20240630_g1.jpg (GRAPHIC) — 81KB
• cci-20240630_g2.jpg (GRAPHIC) — 91KB
• cci-20240630_g3.jpg (GRAPHIC) — 92KB
• 0001051470-24-000186.txt ( ) — 7067KB
• cci-20240630.xsd (EX-101.SCH) — 40KB
• cci-20240630_cal.xml (EX-101.CAL) — 55KB
• cci-20240630_def.xml (EX-101.DEF) — 151KB
• cci-20240630_lab.xml (EX-101.LAB) — 502KB
• cci-20240630_pre.xml (EX-101.PRE) — 331KB
• cci-20240630_htm.xml (XML) — 1150KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 3

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 3 CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) 3 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) 4 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) 5 C ONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) 6 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 18

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 34

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 35

—OTHER INFORMATION

PART II—OTHER INFORMATION 36

LEGAL PROCEEDINGS 36

ITEM 1. LEGAL PROCEEDINGS 36

RISK FACTORS

ITEM 1A. RISK FACTORS 36

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 36

EXHIBITS

ITEM 6. EXHIBITS 36 EXHIBIT INDEX 36 SIGNATURES 37 Cautionary Language Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q ("Form 10-Q") contains forward-looking statements that are based on our management's expectations as of the filing date of this report with the Securities and Exchange Commission ("SEC"). Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," "seek," "focus" and any variations of these words and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements include our full year 2024 outlook and our plans, projections, expectations and estimates regarding (1) the value of our business model and the demand for our communications infrastructure, (2) the growth potential of the U.S. market for shared communications infrastructure, (3) growth in the communications infrastructure industry, (4) demand for data and factors driving such demand, (5) the duration of our construction projects, (6) tenants' investment in wireless networks, (7) use of high-bandwidth applications, (8) our ability to service our debt and comply with debt covenants, (9) the level of commitment under our debt instruments, (10) our ability to remain qualified as a real estate investment trust ("REIT"), (11) site rental revenues, including the growth thereof, (12) sources and uses of liquidity, (13) impact from the Sprint Cancellations (as defined below), (14) drivers of cash flow growth, (15) our competitive advantage, (16) our dividends, including timing, amount, payment or tax characterization, (17) the timing of small cell deployments, (18) discretionary and sustaining capital expenditures and expansion of our business, (19) impact of elevated interest rates, (20) the growth in our business and its drivi

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CROWN CASTLE INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (Amounts in millions, except par values) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 155 $ 105 Restricted cash and cash equivalents 171 171 Receivables, net 420 481 Prepaid expenses 155 103 Current portion of deferred site rental receivables 129 116 Other current assets 51 56 Total current assets 1,081 1,032 Deferred site rental receivables 2,341 2,239 Property and equipment, net of accumulated depreciation of $ 14,919 and $ 14,279 , respectively 15,698 15,666 Operating lease right-of-use assets 5,930 6,187 Goodwill 10,085 10,085 Other intangible assets, net 2,974 3,179 Other assets, net 137 139 Total assets $ 38,246 $ 38,527 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 225 $ 252 Accrued interest 228 219 Deferred revenues 509 605 Other accrued liabilities 359 342 Current maturities of debt and other obligations 865 835 Current portion of operating lease liabilities 308 332 Total current liabilities 2,494 2,585 Debt and other long-term obligations 22,854 22,086 Operating lease liabilities 5,354 5,561 Other long-term liabilities 1,892 1,914 Total liabilities 32,594 32,146 Commitments and contingencies (note 8) Stockholders' equity: Common stock, $ 0.01 par value; 1,200 shares authorized; shares issued and outstanding: June 30, 2024— 435 and December 31, 2023— 434 4 4 Additional paid-in capital 18,347 18,270 Accumulated other comprehensive income (loss) ( 5 ) ( 4 ) Dividends/distributions in excess of earnings ( 12,694 ) ( 11,889 ) Total equity 5,652 6,381 Total liabilities and equity $ 38,246 $ 38,527 See notes to condensed consolidated financial statements. 3 CROWN CASTLE INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (Amounts in millions, except per share amounts) Three Months

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