Crown Castle International Reports Fourth Quarter and Full Year 2008 Results
"We had an excellent fourth quarter and full year 2008, exceeding our previously provided outlook for site rental gross margin, Adjusted EBITDA and recurring cash flow," stated
CONSOLIDATED FINANCIAL RESULTS
Site rental revenues for fourth quarter 2008 increased
Recurring cash flow, defined as Adjusted EBITDA less interest expense less sustaining capital expenditures, increased from
Net loss was
Site rental revenues for full year 2008 increased 9% to
Recurring cash flow increased
Net loss was
SEGMENT RESULTS
U.S. site rental revenues for the fourth quarter of 2008 increased
INVESTMENTS AND LIQUIDITY
During the first quarter of 2009,
"We are very pleased to have successfully accessed the credit markets to both extend our revolving credit facility and issue the senior notes, particularly in this difficult credit environment," stated
During the fourth quarter of 2008,
In the fourth quarter of 2008,
In addition to the tables and information contained in this press release,
OUTLOOK
The following Outlook tables are based on current expectations and assumptions. The Outlook tables include the increased interest expense associated with the
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
The following table sets forth
(in millions, except per share First Quarter amounts) 2009 Full Year 2009 ---------------- ---------------- Site rental revenues $363 to $368 $1,485 to $1,500 Site rental cost of operations $111 to $116 $465 to $475 Site rental gross margin $250 to $255 $1,015 to $1,030 Adjusted EBITDA $232 to $237 $925 to $945 Interest expense and amortization of deferred financing costs(a) $103 to $108 $440 to $445 Sustaining capital expenditures $8 to $10 $25 to $30 Recurring cash flow $119 to $124 $455 to $475 Net income (loss) after deduction of dividends on preferred stock $(41) to $17 $(146) to $(1) Net income (loss) per share(b) $(0.14) to 0.06 $(0.51) to $0.00 (a) Inclusive of$10.8 million and$46.1 million , respectively, of non-cash expense. (b) Represents net income (loss) per common share, based on 285.7 million shares outstanding as ofDecember 31, 2008 .
CONFERENCE CALL DETAILS
The
Summary of Non-Cash Amounts in Tower Gross Margin
In accordance with applicable accounting standards,
A summary of the non-cash portions of our site rental revenues, ground lease expense, stock-based compensation for those employees directly related to tower operations, net amortization of below-market and above-market leases, and resulting impact on site rental gross margins is as follows:
For the Three For the Twelve Months Ended Months Ended -------------- -------------- December 31, December 31, (in thousands) 2008 2008 -------------- -------------- Non-cash portion of site rental revenues attributable to straight-line recognition of revenues $ 9,189 $ 40,281 Non-cash portion of ground lease expense attributable to straight-line recognition of expenses (9,118) (38,171) Stock-based compensation expenses directly related to tower operations (249) (935) Net amortization of below-market and above-market leases 154 589 -------------- -------------- Non-cash impact on site rental gross margin $ (24) $ 1,764 ============== ==============
Non-GAAP Financial Measures
This press release includes presentations of Adjusted EBITDA and recurring cash flow, which are non-GAAP financial measures.
Adjusted EBITDA and recurring cash flow 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. Our measures of Adjusted EBITDA and recurring cash flow may not be comparable to similarly titled measures of other companies, including other companies in the tower sector. The tables set forth below reconcile these non-GAAP financial measures to comparable GAAP financial measures.
Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures:
Adjusted EBITDA, recurring cash flow and recurring cash flow per share for the quarters and years ended
For the Three Months For the Twelve Ended Months Ended -------------------- -------------------- Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2008 2007 2008 2007 --------- --------- --------- --------- (in thousands, except per share amounts) Net income (loss) $ (63,817) $ (80,169) $ (48,858) $(222,813) Adjustments to increase (decrease) net income (loss): Restructuring charges(a) -- -- -- 3,191 Asset write-down charges 7,689 1,466 16,888 65,515 Integration costs(a) -- 6,752 2,504 25,418 Depreciation, amortization and accretion 130,799 132,347 526,442 539,904 Interest expense and amortization of deferred financing costs 88,074 90,047 354,114 350,259 Net gain (loss) on interest rate swaps 40,292 -- 37,888 -- Impairment of available-for-sale securities 32,151 75,623 55,869 75,623 Interest and other income (expense) (474) (181) (2,143) (9,351) Benefit (provision) for income taxes (17,282) (24,334) (104,361) (94,039) Minority interests -- -- -- (151) Stock-based compensation charges(b) 7,953 7,674 28,767 25,087 --------- --------- --------- --------- Adjusted EBITDA $ 225,385 $ 209,225 $ 867,110 $ 758,643 ========= ========= ========= ========= Less: Interest expense and amortization of deferred financing costs 88,074 90,047 354,114 350,259 Less: Sustaining capital expenditures 12,230 8,238 27,065 23,318 --------- --------- --------- --------- Recurring cash flow $ 125,081 $ 110,940 $ 485,931 $ 385,066 ========= ========= ========= ========= Weighted average common shares outstanding - basic and diluted 285,686 281,691 282,007 279,937 Recurring cash flow per share $ 0.44 $ 0.39 $ 1.72 $ 1.38 ========= ========= ========= ========= ------------- (a) Including stock-based compensation expense. (b) Exclusive of charges included in integration costs and restructuring charges.
Adjusted EBITDA and recurring cash flow for the quarter ending
Q1 2009 Full Year 2009 ------- -------------- Outlook Outlook ------- ------- (in millions) Net income (loss) $(36) to $22 $(125) to $20 Adjustments to increase (decrease) net income (loss): Asset write-down charges $2 to $5 $8 to $20 Acquisitions costs $-- to $1 $-- to $3 Depreciation, amortization and accretion $130 to $140 $520 to $550 Interest and other income (expense) $(3) to $-- $(12) to $- Net gain (loss) on interest rate swaps(a) $(12) to $-- $(12) to $-- Interest expense and amortization of deferred financing costs(b) $103 to $108 $440 to $445 Benefit (provision) for income taxes $(11) to $5 $(43) to $(3) Minority interests -- $(1) to $-- Stock-based compensation charges $6 to $9 $25 to $35 -------- ---------- Adjusted EBITDA $232 to $237 $925 to $945 ============ ============ Less: Interest expense and amortization of deferred financing costs(b) $103 to $108 $440 to $445 Less: Sustaining capital expenditures $8 to $10 $25 to $30 --------- ---------- Recurring cash flow $119 to $124 $455 to $475 ============ ============ ------------- (a) Based on the interest rates and yield curves in effect as ofFebruary 19, 2009 . (b) Inclusive of$10.8 million and$46.1 million , respectively, of non-cash expense.
Other Calculations:
Sustaining capital expenditures for the quarters and years ended
For the Three For the Twelve Months Ended Months Ended ------------------ ------------------ (in thousands) Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2008 2007 2008 2007 -------- -------- -------- -------- Capital Expenditures $107,995 $108,747 $450,732 $300,005 Less: Revenue enhancing on existing sites 33,157 17,913 90,111 45,818 Less: Land purchases 36,842 35,016 201,255 133,032 Less: New site acquisition and construction 25,766 47,580 132,301 97,837 -------- -------- -------- -------- Sustaining capital expenditures $ 12,230 $ 8,238 $ 27,065 $ 23,318 ======== ======== ======== ========
Site rental gross margin for the quarter ending
(in millions) Q1 2009 Full Year 2009 ------- -------------- Outlook Outlook ------- ------- Site rental revenues $363 to $368 $1,485 to $1,500 Less: Site rental cost of operations $111 to $116 $465 to $475 ------------ ------------ Site rental gross margin $250 to $255 $1,015 to $1,030 ============ ================
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 (i) leasing demand for our sites and towers, (ii) trends in wireless communications, including the migration to wireless communications and the demand for and resilience of wireless communications and 3G data services, and our ability to take advantage of such trends, (iii) the repayment, repurchase or refinancing of our debt, (iv) the use and impact of the proceeds of our 9% senior notes offering, (v) currency exchange rates, including the impact on our results, (vi) site rental revenues, (vii) site rental cost of operations, (viii) site rental gross margin, (ix) Adjusted EBITDA, (x) interest expense and amortization of deferred financing costs, (xi) capital expenditures, including expenditures on land and new towers, revenue generating expenditures and sustaining capital expenditures, (xii) recurring cash flow, including on a per share basis, (xiii) net income (loss), including on a per share basis, and (xiv) the utility of certain financial measures in analyzing our results. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including but not limited to prevailing market conditions and the following:
* We have a substantial amount of indebtedness, the majority, if not all, of which we anticipate refinancing or repaying within the next three years. In the event we do not repay or refinance such indebtedness, we could face substantial liquidity issues and might be required to issue equity securities or securities convertible into equity securities, or sell some of our assets to meet our debt payment obligations. * Our substantial level of indebtedness could adversely affect our ability to react to changes in our business, and the terms of our debt instruments limit our ability to take a number of actions that our management might otherwise believe to be in our best interests. In addition, if we fail to comply with our covenants, our debt could be accelerated. * Our interest rate swaps are currently in a substantial liability position and will need to be cash settled within the next three years, which could adversely affect our financial condition. * Our business depends on the demand for wireless communications and towers, and we may be adversely affected by any slowdown in such demand. * A substantial portion of our revenues is derived from a small number of customers, and the loss, consolidation or financial instability of, or network sharing among, any of our limited number of customers may materially decrease revenues. * Consolidation among our customers may result in duplicate or overlapping parts of networks, which may result in a reduction of sites and have a negative effect on revenues and cash flows. * Sales or issuances of a substantial number of shares of our common stock may adversely affect the market price of our common stock. * A wireless communications industry slowdown may materially and adversely affect our business (including reducing demand for our towers and network services) and the business of our customers. * As a result of competition in our industry, including from some competitors with significantly more resources or less debt than we have, we may find it more difficult to achieve favorable rental rates on our towers. * New technologies may significantly reduce demand for our towers and negatively impact our revenues. * New wireless technologies may not deploy or be adopted by customers as rapidly or in the manner projected. * If we fail to retain rights to the land under our towers, our business may be adversely affected. * If we are unable to raise capital in the future when needed, we may not be able to fund future growth opportunities. * Our lease relating to our Spectrum has certain risk factors different from our core tower business, including that the Spectrum lease may not be renewed or continued, that the option to acquire the Spectrum may not be exercised, and that the Spectrum may not be deployed, which may result in the revenues derived from the Spectrum being less than those that may otherwise have been anticipated. * If we fail to comply with laws and regulations which regulate our business and which may change at any time, we may be fined or even lose our right to conduct some of our business. * Our network services business has historically experienced significant volatility in demand, which reduces the predictability of our results. * If radio frequency emissions from wireless handsets or equipment on our towers are demonstrated to cause negative health effects, potential future claims could adversely affect our operations, costs and revenues. * Certain provisions of our certificate of incorporation, bylaws and operative agreements and domestic and international competition laws may make it more difficult for a third party to acquire control of us or for us to acquire control of a third party, even if such a change in control would be beneficial to our stockholders. * We are exposed to counterparty risk through our interest rate swaps and a counterparty default could adversely affect our financial condition. * We may be adversely affected by our exposure to changes in foreign currency exchange rates relating to our operations inAustralia .
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 SEC.
CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) (in thousands) December 31, December 31, 2008 2007 ------------ ------------ ASSETS Current assets: Cash and cash equivalents $ 155,219 $ 75,245 Restricted cash 147,852 165,556 Receivables, net of allowance for doubtful accounts 37,621 33,842 Deferred income tax assets 28,331 113,492 Prepaid expenses, deferred site rental receivables and other current assets 116,145 109,120 ------------ ------------ Total current assets 485,168 497,255 Restricted cash 5,000 5,000 Deferred site rental receivables 144,474 127,388 Available-for-sale securities 4,216 60,085 Property and equipment, net 5,060,126 5,051,055 Goodwill 1,983,950 1,970,501 Other intangible assets, net 2,551,332 2,676,288 Deferred financing costs and other assets, net of accumulated amortization 127,456 100,561 ------------ ------------ $ 10,361,722 $ 10,488,133 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 33,808 $ 37,366 Deferred rental revenues and other accrued liabilities 281,794 249,136 Interest rate swaps 52,539 3,985 Short-term debt and current maturities of long-term debt 466,217 81,500 ------------ ------------ Total current liabilities 834,358 371,987 Long-term debt, less current maturities 5,630,527 5,987,695 Deferred income tax liability 40,446 281,259 Interest rate swaps 488,632 61,356 Other liabilities 337,168 305,127 ------------ ------------ Total liabilities 7,331,131 7,007,424 Minority interests -- -- Redeemable preferred stock 314,726 313,798 Stockholders' equity 2,715,865 3,166,911 ------------ ------------ $ 10,361,722 $ 10,488,133 ============ ============ CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) AND OTHER FINANCIAL DATA (in thousands, except per share data) Three Months Ended Years Ended December 31, December 31, ---------------------------------------------- 2008 2007 2008 2007 ---------------------------------------------- Net revenues: Site rental $ 355,019 $ 337,543 $1,402,559 $1,286,468 Network services and other 37,003 37,620 123,945 99,018 ---------- ---------- ---------- ---------- Total net revenues 392,022 375,163 1,526,504 1,385,486 ---------- ---------- ---------- ---------- Costs of operations (exclusive of depreciation, amortization and accretion): Site rental 114,239 112,718 456,123 443,342 Network services and other 21,680 22,258 82,452 65,742 ---------- ---------- ---------- ---------- Total costs of operations 135,919 134,976 538,575 509,084 ---------- ---------- ---------- ---------- General and administrative 38,671 38,636 149,586 142,846 Restructuring charges -- -- -- 3,191 Asset write-down charges 7,689 1,466 16,888 65,515 Integration costs -- 6,752 2,504 25,418 Depreciation, amortization and accretion 130,799 132,347 526,442 539,904 ---------- ---------- ---------- ---------- Operating income (loss) 78,944 60,986 292,509 99,528 Interest expense and amortization of deferred financing costs (88,074) (90,047) (354,114) (350,259) Net gain (loss) on interest rate swaps (40,292) -- (37,888) -- Impairment of available-for-sale securities (32,151) (75,623) (55,869) (75,623) Interest and other income (expense) 474 181 2,143 9,351 ---------- ---------- ---------- ---------- Income (loss) from continuing operations before income taxes and minority interests (81,099) (104,503) (153,219) (317,003) Benefit (provision) for income taxes 17,282 24,334 104,361 94,039 Minority interests -- -- -- 151 ---------- ---------- ---------- ---------- Net income (loss) (63,817) (80,169) (48,858) (222,813) Dividends on preferred stock (5,202) (5,201) (20,806) (20,805) ---------- ---------- ---------- ---------- Net income (loss) after deduction of dividends on preferred stock $ (69,019) $ (85,370) $ (69,664) $ (243,618) ========== ========== ========== ========== Net income (loss) per common share - basic and diluted $ (0.24) $ (0.30) $ (0.25) $ (0.87) ========== ========== ========== ========== Weighted average common shares outstanding - basic and diluted 285,686 281,691 282,007 279,937 ---------- ---------- ---------- ---------- Adjusted EBITDA $ 225,385 $ 209,225 $ 867,110 $ 758,643 ========== ========== ========== ========== Stock-based compensation expenses: Site rental cost of operations $ 249 $ 109 $ 935 $ 396 Network services and other cost of operations 281 98 870 371 General and administrative 7,423 7,467 26,962 24,320 Restructuring charges -- -- -- 2,377 Integration costs -- -- -- 790 ---------- ---------- ---------- ---------- Total $ 7,953 $ 7,674 $ 28,767 $ 28,254 ========== ========== ========== ========== CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (in thousands) Twelve Months Ended December 31, ---------------------- 2008 2007 ---------- ---------- Cash flows from operating activities: Net income (loss) $ (48,858) $ (222,813) Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 526,442 539,904 Amortization of deferred financing costs and other non-cash interest 24,830 23,913 Stock-based compensation expense 25,896 23,542 Asset write-down charges 16,888 65,515 Deferred income tax (benefit) provision (113,557) (98,914) Income (expense) from forward-starting interest rate swaps 34,111 -- Impairment of available-for-sale securities 55,869 75,623 Other adjustments, net (1,787) (1,331) Changes in assets and liabilities, excluding the effects of acquisitions: Increase (decrease) in liabilities 77,106 13,561 Decrease (increase) in assets (83,939) (68,645) ---------- ---------- Net cash provided by (used for) operating activities 513,001 350,355 ---------- ---------- Cash flows from investing activities: Proceeds from disposition of property and equipment 1,855 3,664 Payments for acquisitions (net of cash acquired) of businesses (27,736) (494,352) Capital expenditures (450,732) (300,005) Other -- (755) ---------- ---------- Net cash provided by (used for) investing activities (476,613) (791,448) ---------- ---------- Cash flows from financing activities: Proceeds from issuance of long-term debt -- 650,000 Proceeds from issuance of capital stock 8,444 31,176 Principal payments on long-term debt (6,500) (4,875) Purchases and redemptions of long-term debt (282) -- Purchases of capital stock (44,685) (729,811) Borrowings under revolving credit agreements 94,400 75,000 Payments for financing costs (1,527) (9,108) Net decrease (increase) in restricted cash 17,745 (33,089) Dividends on preferred stock (19,878) (19,879) Return of capital to minority interest holders of CCAL -- (37,196) ---------- ---------- Net cash provided by (used for) financing activities 47,717 (77,782) ---------- ---------- Effect of exchange rate changes on cash (4,131) 1,404 Net increase (decrease) in cash and cash equivalents 79,974 (517,471) Cash and cash equivalents at beginning of period 75,245 592,716 ---------- ---------- Cash and cash equivalents at end of period $ 155,219 $ 75,245 ========== ========== Supplemental disclosure of cash flow information: Interest paid $ 330,491 $ 324,605 Income taxes paid 6,582 4,218CROWN CASTLE INTERNATIONAL CORP. Summary Fact Sheet (dollars in thousands) ------------------------- ------------------------- Quarter Ended 3/31/08 Quarter Ended 6/30/08 ------------------------- ------------------------- CCUSA CCAL CCIC CCUSA CCAL CCIC ------------------------- ------------------------- Revenues Site Rental $323,748 $21,285 $345,033 $328,952 $19,571 $348,523 Services 23,834 1,754 25,588 27,016 3,974 30,990 ------------------------- ------------------------- Total Revenues 347,582 23,039 370,621 355,968 23,545 379,513 Operating Expenses Site Rental 106,432 5,948 112,380 107,474 6,272 113,746 Services 17,359 1,052 18,411 20,320 1,500 21,820 ------------------------- ------------------------- Total Operating Expenses 123,791 7,000 130,791 127,794 7,772 135,566 General & Administrative 31,032 3,954 34,986 33,845 4,647 38,492 Add: Stock-Based Compensation 5,418 737 6,155 6,622 937 7,559 ------------------------- ------------------------- Adjusted EBITDA$198,177 $12,822 $210,999 $200,951 $12,063 $213,014 ------------------------- ------------------------- ------------------------- ------------------------- Quarter Ended 3/31/08 Quarter Ended 6/30/08 ------------------------- ------------------------- CCUSA CCAL CCIC CCUSA CCAL CCIC ------------------------- ------------------------- Gross Margins: Site Rental 67% 72% 67% 67% 68% 67% Services 27% 40% 28% 25% 62% 30% Adjusted EBITDA Margin 57% 56% 57% 56% 51% 56% ------------------------- ------------------------- ------------------------- ------------------------- Quarter Ended 9/30/08 Quarter Ended 12/31/08 ------------------------- ------------------------- CCUSA CCAL CCIC CCUSA CCAL CCIC ------------------------- ------------------------- Revenues Site Rental $332,715 $21,269 $353,984 $339,262 $15,757 $355,019 Services 27,972 2,392 30,364 34,570 2,433 37,003 ------------------------- ------------------------- Total Revenues 360,687 23,661 384,348 373,832 18,190 392,022 Operating Expenses Site Rental 109,757 6,001 115,758 109,233 5,006 114,239 Services 18,878 1,663 20,541 20,803 877 21,680 ------------------------- ------------------------- Total Operating Expenses 128,635 7,664 136,299 130,036 5,883 135,919 General & Administrative 33,220 4,217 37,437 35,342 3,329 38,671 Add: Stock-Based Compensation 6,346 754 7,100 7,510 443 7,953 ------------------------- ------------------------- Adjusted EBITDA $205,178 $12,534 $217,712 $215,964 $ 9,421 $225,385 ------------------------- ------------------------- ------------------------- ------------------------- Quarter Ended 9/30/08 Quarter Ended 12/31/08 ------------------------- ------------------------- CCUSA CCAL CCIC CCUSA CCAL CCIC ------------------------- ------------------------- Gross Margins: Site Rental 67% 72% 67% 68% 68% 68% Services 33% 30% 32% 40% 64% 41% Adjusted EBITDA Margin 57% 53% 57% 58% 52% 57% ------------------------- ------------------------- Reconciliation of Non-GAAP Financial Measure (Adjusted EBITDA) to GAAP Financial Measure: (dollars in thousands) ----------------------------------------- Quarter Ended ----------------------------------------- 3/31/2008 6/30/2008 9/30/2008 12/31/2008 Net income (loss) $(13,173) $ 60,339 $(32,207) $(63,817) Adjustments to increase (decrease) net income (loss): Asset write-down charges 1,304 4,993 2,902 7,689 Integration costs 2,504 -- -- -- Depreciation, amortization and accretion 132,033 131,896 131,714 130,799 Interest and other income (expense) (2,310) (206) 847 (474) Net gain (loss) on interest rate swaps -- -- (2,404) 40,292 Interest expense, amortization of deferred financing costs 89,145 88,757 88,138 88,074 Impairment of available-for- sale securities -- -- 23,718 32,151 Benefit (provision) for income taxes (4,659) (80,324) (2,096) (17,282) Stock-based compensation 6,155 7,559 7,100 7,953 -------- -------- -------- -------- Adjusted EBITDA $210,999 $213,014 $217,712 $225,385 ======== ======== ======== ======== ------------------------------------ CCI FACT SHEET Q4 2007 to Q4 2008 ------------------------------------ dollars in thousands -------------------------------------------------------------------- Q4 '07 Q4 '08 % Change -------------------------------- CCUSA ----- Site Rental Revenues $ 316,750 $ 339,262 7% Ending Sites 22,405 22,489 0% CCAL ---- Site Rental Revenues $ 20,793 $ 15,757 -24% Ending Sites 1,441 1,590 10% TOTAL CCIC ---------- Site Rental Revenues $ 337,543 $ 355,019 5% Ending Sites 23,846 24,079 1% -------------------------------------------------------------------- Ending Cash and Cash Equivalents $75,245* $155,219* Debt Bank Debt $720,125 $808,025 Securitized Debt & Other Notes $5,349,070 $5,288,719 ---------- ---------- Total Debt $6,069,195 $6,096,744 6 1/4% Convertible Preferred Stock $313,798 $314,726 Leverage Ratios Net Debt / EBITDA 7.2X 6.6X Net Debt + Preferreds / EBITDA 7.5X 6.9X Last Quarter Annualized Adjusted EBITDA $836,900 $901,540 *Excludes Restricted Cash
CONTACT:Crown Castle International Corp. Jay Brown , CFOFiona McKone , VP - Finance 713-570-3050