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|Crown Castle Reports First Quarter 2015 Results and Raises Outlook for 2015|
"Our excellent first quarter results reflect the continued demand for our wireless infrastructure as US wireless carriers continue to make network investments to meet wireless consumer demand," stated
CONSOLIDATED FINANCIAL RESULTS
Adjusted Funds from Operations ("AFFO") increased 10% to
Total revenues for the first quarter of 2015 increased 7% to
Net income attributable to CCIC common stockholders for the first quarter of 2015 was
Adjusted EBITDA and AFFO for the first quarter of 2015 benefited from approximately
FINANCING AND INVESTING ACTIVITIES
During the first quarter of 2015,
On March 31, 2015,
As of March 31, 2015,
As of March 31, 2015,
"We had a terrific first quarter, allowing us to raise the midpoint of our full year 2015 Outlook for site rental revenues, site rental gross margin, Adjusted EBITDA and AFFO," 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,
On a sequential basis, the second quarter 2015 Outlook for site rental gross margin, Adjusted EBITDA and AFFO are expected to be impacted by certain seasonal or timing items. Repair and maintenance during the second quarter of 2015 is expected to be higher by approximately
The following table sets forth
As previously disclosed, based on
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.
Funds from Operations ("FFO").
FFO per share.
Adjusted Funds from Operations ("AFFO").
AFFO per share.
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.
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) demand for our wireless infrastructure and services, (2) carrier network investments and upgrades, and the benefits which may be derived therefrom, (3) our dividends, including our dividend plans, the amount and growth of our dividends, and the potential benefits therefrom, (4)wireless consumer demand, (5) our growth, (6) potential benefits, returns and shareholder value which may be derived from our business and assets, our investments, dividends and acquisitions, (7) leasing activity, including the impact of such leasing activity on our results and Outlook, (8) the US wireless market, (9) investments in small cells, including the potential benefits therefrom, (10) our strategy, (11) currency exchange rates, (12) non-renewal of leases and the timing and impact thereof, including with respect to the Acquired Networks, (13) the decommissioning of the iDEN network and the Acquired Networks, including the impact and timing thereof, (14) capital expenditures, including sustaining capital expenditures, (15) timing items, (16) repair and maintenance expense, (17) site rental revenues and Site Rental Revenues, as Adjusted, (18) site rental cost of operations, (19) site rental gross margin and network services gross margin, (20) Adjusted EBITDA, (21) interest expense and amortization of deferred financing costs, (22) FFO, including on a per share basis, (23) AFFO, including on a per share basis, (24) Organic Site Rental Revenues and Organic Site Rental Revenue growth, (25) net income (loss), including on a per share basis, (26) our common shares outstanding, including on a diluted basis, and (27) the utility of certain financial measures, including non-GAAP financial measures. 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