Crown Castle Inc. Files Q3 2024 10-Q

TL;DR

CROWN CASTLE (CCI) Q3 10-Q FILED. FINANCIALS UPDATED THRU SEPT 30, 2024.

AI Summary

Crown Castle Inc. filed its 10-Q for the period ending September 30, 2024. The company, a real estate investment trust, reported financial data for the third quarter and the first nine months of 2024, comparing it to the same periods in 2023. Key financial figures and balance sheet information as of September 30, 2024, and December 31, 2023, were detailed in the filing.

Why It Matters

This filing provides investors with an updated financial snapshot of Crown Castle's performance and position as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the financial period covered by the report.)
• 2024-10-30 — Filing Date (The date the report was officially submitted to the SEC.)
• 2023-12-31 — Prior Year End Date (Provides a comparison point from the end of the previous fiscal year.)

Key Players & Entities

• Crown Castle Inc. (company) — Filer of the 10-Q
• 0001051470 (company) — Central Index Key for Crown Castle Inc.
• 20240930 (date) — End of the reporting period
• 20241030 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• cci-20240930.htm (10-Q) — 1283KB
• exhibit311093024.htm (EX-31.1) — 10KB
• exhibit312093024.htm (EX-31.2) — 10KB
• exhibit321093024.htm (EX-32.1) — 6KB
• cci-20240930_g1.jpg (GRAPHIC) — 81KB
• cci-20240930_g2.jpg (GRAPHIC) — 89KB
• cci-20240930_g3.jpg (GRAPHIC) — 91KB
• 0001051470-24-000216.txt ( ) — 7308KB
• cci-20240930.xsd (EX-101.SCH) — 41KB
• cci-20240930_cal.xml (EX-101.CAL) — 55KB
• cci-20240930_def.xml (EX-101.DEF) — 151KB
• cci-20240930_lab.xml (EX-101.LAB) — 509KB
• cci-20240930_pre.xml (EX-101.PRE) — 331KB
• cci-20240930_htm.xml (XML) — 1237KB

—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 19

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 driv

—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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 194 $ 105 Restricted cash and cash equivalents 172 171 Receivables, net 413 481 Prepaid expenses 144 103 Current portion of deferred site rental receivables 158 116 Other current assets 43 56 Total current assets 1,124 1,032 Deferred site rental receivables 2,340 2,239 Property and equipment, net of accumulated depreciation of $ 15,249 and $ 14,279 , respectively 15,643 15,666 Operating lease right-of-use assets 5,843 6,187 Goodwill 10,085 10,085 Other intangible assets, net 2,878 3,179 Other assets, net 130 139 Total assets $ 38,043 $ 38,527 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 200 $ 252 Accrued interest 164 219 Deferred revenues 483 605 Other accrued liabilities 338 342 Current maturities of debt and other obligations 611 835 Current portion of operating lease liabilities 301 332 Total current liabilities 2,097 2,585 Debt and other long-term obligations 23,452 22,086 Operating lease liabilities 5,272 5,561 Other long-term liabilities 1,926 1,914 Total liabilities 32,747 32,146 Commitments and contingencies (note 8) Stockholders' equity: Common stock, $ 0.01 par value; 1,200 shares authorized; shares issued and outstanding: September 30, 2024— 435 and December 31, 2023— 434 4 4 Additional paid-in capital 18,371 18,270 Accumulated other comprehensive income (loss) ( 5 ) ( 4 ) Dividends/distributions in excess of earnings ( 13,074 ) ( 11,889 ) Total equity 5,296 6,381 Total liabilities and equity $ 38,043 $ 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) Thr

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