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|Crown Castle Reports Fourth Quarter and Full Year 2014 Results; Raises Full Year 2015 Outlook|
"We delivered another quarter of great results during the fourth quarter, wrapping up a very strong year in 2014," stated
CONSOLIDATED FINANCIAL RESULTS
Total revenues for the fourth quarter of 2014 increased 21% to
Adjusted Funds from Operations ("AFFO") increased 19% to
Net income attributable to CCIC common stockholders for the fourth quarter of 2014 was
Total revenues for full year 2014 increased 22% to
AFFO increased 27% to
Net income attributable to CCIC common stockholders for full year 2014 was
FINANCING AND INVESTING ACTIVITIES
During the fourth quarter of 2014,
During fourth quarter 2014,
On December 31, 2014,
As of December 31, 2014,
As of December 31, 2014,
"Our strong finish to 2014 allows us to increase our full year 2015 Outlook for site rental revenues, site rental gross margin, Adjusted EBITDA, AFFO and AFFO per share," stated
This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in
As reflected in the table below,
The midpoint of 2015 Outlook for site rental revenue growth is expected to be approximately
A chart accompanying this release is available at http://media.globenewswire.com/cache/7657/file/31362.pdf
As previously disclosed, based on
Over the last two years,
The midpoint of full year 2015 Outlook for Adjusted EBITDA and AFFO assumes network services gross margin contribution remains consistent with the levels achieved in 2014; however, on a sequential basis, the midpoint of first quarter 2015 Outlook for Adjusted EBITDA and AFFO assumes a decrease of
Compared to fourth quarter 2014, the midpoint of first quarter 2015 Outlook for AFFO benefits from lower sustaining capital expenditures. The expected sequential decrease in sustaining capital expenditures in first quarter 2015 is attributable to seasonality and timing, as a portion of sustaining capital expenditures previously expected in the 2015 Outlook occurred in fourth quarter 2014.
The following table sets forth
CONFERENCE CALL DETAILS
A telephonic replay of the conference call will be available from
Non-GAAP Financial Measures and Other Calculations
This press release includes presentations of Adjusted EBITDA, Funds from Operations, Adjusted Funds from Operations, Organic Site Rental Revenues, and Site Rental Revenues, as Adjusted, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")). Each of the amounts included in the calculation of Adjusted EBITDA, FFO, AFFO, Organic Site Rental Revenues, and Site Rental Revenues, as Adjusted, are computed in accordance with GAAP, with the exception of: (1) sustaining capital expenditures, which is not defined under GAAP and (2) our adjustment to the income tax provision in calculations of AFFO for periods prior to our REIT conversion.
Our measures of Adjusted EBITDA, FFO, AFFO, Organic Site Rental Revenues and Site Rental Revenues, as Adjusted, may not be comparable to similarly titled measures of other companies, including other companies in the tower sector or those reported by other REITs. Our FFO and AFFO may not be comparable to those reported in accordance with
Adjusted EBITDA, FFO, AFFO, Organic Site Rental Revenues and Site Rental Revenues, as Adjusted, are presented as additional information because management believes these measures are useful indicators of the financial performance of our core businesses. In addition, Adjusted EBITDA is a measure of current financial performance used in our debt covenant calculations.
During the first quarter of 2014,
Funds from Operations ("FFO").
FFO per share.
FFO, as previously defined.
Adjusted Funds from Operations ("AFFO").
AFFO per share.
AFFO, as previously defined.
Site Rental Revenues, as Adjusted.
Organic Site Rental Revenues.
Sustaining capital expenditures.
The tables set forth below reconcile these non-GAAP financial measures to comparable GAAP financial measures. The components in these tables may not sum to the total due to rounding.
Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures:
Adjusted EBITDA for the three and twelve months ended
Adjusted EBITDA for the quarter ending
FFO and AFFO for the quarter ending
Organic Site Rental Revenue growth for the year ending December 31, 2015 is forecasted as follows:
Organic Site Rental Revenue growth for the quarter ended December 31, 2014 is as follows:
FFO and AFFO for the three and twelve months ended December 31, 2014 and 2013 are computed as follows:
The components of interest expense and amortization of deferred financing costs for the three months ended December 31, 2014 and 2013 are as follows:
The components of interest expense and amortization of deferred financing costs for the quarter ending
Debt balances and maturity dates as of December 31, 2014 are as follows:
Net Debt to Last Quarter Annualized Adjusted EBITDA is computed as follows:
Sustaining capital expenditures for the three months ended December 31, 2014 and 2013 is computed as follows:
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements and information that are based on our management's current expectations. Such statements include, but are not limited to, plans, projections, Outlook and estimates regarding (1) potential benefits, returns and shareholder value which may be derived from our business and assets, our investments and our acquisitions, (2) demand for our sites and services, (3) our growth, (4) leasing activity, including new tenant installations and amendments and the impact of such leasing activity on our results and Outlook, (5) carrier network investments and upgrades, and potential benefits derived therefrom, (6) our dividends, including our dividend plans, the amount and growth of our dividends, and the potential benefits therefrom, (7) small cells, including growth and margin contribution, (8) our strategy, (9) currency exchange rates, (10) non-renewal of leases and the timing and impact thereof, including with respect to the Acquired Networks, (11) the iDEN network decommissioning, including the impact and timing thereof, (12) capital expenditures, including sustaining capital expenditures, (13) timing items, (14) operating and general and administrative expenses, (15) site rental revenues and Site Rental Revenues, as Adjusted, (16) site rental cost of operations, (17) site rental gross margin and network services gross margin, (18) Adjusted EBITDA, (19) interest expense and amortization of deferred financing costs, (20) FFO, including on a per share basis, (21) AFFO, including on a per share basis, (22) Organic Site Rental Revenues and Organic Site Rental Revenue growth, (23) net income (loss), including on a per share basis, (24) our common shares outstanding, including on a diluted basis, (25) the utility of certain financial measures, including non-GAAP financial measures, and (26) the utility of our updated definitions of FFO and AFFO. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including but not limited to prevailing market conditions and the following:
Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect our results is included in our filings with the