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Crown Castle International Financials Q1 2013

by June 18, 2013


Crown Castle International Financials Q1 2013

  • Record sales, record gross margin, record cash flow from operations, but little net income.
  • The huge bet (larger than estimated sales for FY 2013) on 7,100 T-mobile towers acquired in September 2012 pays off for the moment. Valuation of T-Mobile deal is not complete yet and related adjustments may Q2 2013 impact income statement.
  • Bright prospects related to 4G-related wireless network expansion and smartphone penetrations; part of 4G upgrade rights already presold.
  • Long term contracts for tower rentals, with over 8 years remained duration in average.
  • Operating cash flow stronger than ever, while investment needs are limited.

We expect demand for wireless services to continue to increase, and operating cash flows to improve as well.
The charts below are self-explanatory. More details below charts.

Crown Castle International Financials Q1 2013 – Sales, earnings and financial results


Income statement overview
Detailed revenues and expenses

  • Crown Castle International sales, costs, margins, and net income

    Crown Castle International financials for Q1 2013
    Here you see a nicely-colored chart showing how revenues are converted into earnings and profits:
    Sales, cost of sales, gross margin, operating expenses, operating margin, non-operating expenses, income taxes, exceptional items, preferred distributions, net income.

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  • Crown Castle International operating income

    Crown Castle International financials for Q1 2013
    Here you see a nicely-colored chart showing detailed revenues and costs chart, converging to earnings and net profits.

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Crown Castle owns, operates and leases wireless infrastructure like:
(1) towers
(2) DAS, a type of small cell network
(3) third party land interests.
There are some 31,600 towers (29,800 in USA and 1,700 in Australia).


Balance sheet
Current assets
Long-term assets
Current liabilities
Long-term liab.

  • Crown Castle International balance sheet overview: assets and liabilities

    Crown Castle International financials for Q1 2013
    Here you see a nicely-colored chart showing the overall financial strength of the company in the form of a balance sheet chart:
    Current assets, long term assets, current liabilities, long-term liabilities, equity, are all plotted here as an overview chart.

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  • Crown Castle International current assets details

    Crown Castle International financials for Q1 2013
    Here you see a nicely-colored chart showing the details on the most liquid (current) assets:
    cash, investments, accounts receivable, inventory, deferred tax, others.

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  • Crown Castle International property, equity, intangibles

    Crown Castle International financials for Q1 2013
    Here you see a nicely-colored chart showing non-current (capital) assets details:
    Property plant and equipment, equity, goodwill, intangibles, others.

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  • Crown Castle International accounts payable, debt, taxes due

    Crown Castle International financials for Q1 2013
    Here you see a nicely-colored chart showing current liabilities in full details:
    Payables, debt, taxes, others.

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  • Crown Castle International debt, pensions, and other long term liabilities

    Crown Castle International financials for Q1 2013
    Here you see a nicely-colored chart showing long term liabilities in full detail:
    Bebt, taxes, and others.

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The increase in balance sheet in Q4 2012 derives from T-Mobile acquisition.
Most related liabilities appear settled. CCI reported there some T-Mobile valuation issues are still being settled.


Cash flow overview
Operating cash flow
Investment cash flow
Financing cash flow

  • Crown Castle International cash flow overview: operational, financial, investment

    Crown Castle International financials for Q1 2013
    Here you see a nicely-colored chart showing the overview of cash flows:
    Net cash flow, as dividend in operating, financing, and investment cash flow.

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  • Crown Castle International current assets details

    Crown Castle International financials for Q1 2013
    Here you see a nicely-colored chart showing operating cash flows (cash flow generated by operating activities):
    Net income, adjustments, accounts payable, accounts receivable, inventory.

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  • Crown Castle International property, equity, intangibles

    Crown Castle International financials for Q1 2013
    Here you see a nicely-colored chart showing financing cash flows (cash flow from financing activities):
    Debt, stock, dividend.

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  • Crown Castle International accounts payable, debt, taxes due

    Crown Castle International financials for Q1 2013
    Here you see a nicely-colored chart showing the investment cash flows (cash flow from investing activities):
    Property plant and equipment, investments, securities, in full detail.

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Operating cash flow was stronger than ever, due to aggressive depreciation and amortization provisions.
The 2.5 billion acquisition of T-Mobile towers in Q4 2012 was financed entirely by debt.
Some older debt was refinanced as well.
No dividend payment, only very limited stock repurchases.
Let’s wish Crown Castle good luck for the recent massive acquisitions.

Data sources for Crown Castle International financials for Q1 2013:
All charts are interactive.
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