Crown Castle Inc. (NYSE:CCI) Goldman Sachs Communacopia & Technology Conference Call September 10, 2024 10:30 AM ET Company Participants Dan Schlanger - Chief Financial Officer Conference Call Participants Jim Schneider - Goldman Sachs Jim Schneider Okay. Good morning, everybody. Welcome to the Goldman Sachs Communacopia and Technology Conference. My name is Jim Schneider. I'm the telecom analyst here at Goldman Sachs. It's my pleasure to welcome Crown Castle and CFO, Dan Schlanger. Thanks for being here, D ...

会议主要讨论的核心内容 - 公司正在进行战略评估,评估是否将小区和光纤业务分拆 [3][5][11] - 公司已经采取措施来降低小区和光纤业务的资本支出,包括减少新建光纤,并进行了裁员 [6][8][9] - 公司认为塔业务是一个优秀的业务,未来几年可以实现中单位数的收入增长 [18][19][20][22] - 公司认为塔业务的增长前景较好,因为网络数据流量的持续增长以及运营商之间的网络质量竞争 [23][24][25][26][27] - 公司目前不会大规模收购美国塔资产,因为收购价格较高,无法达到公司的投资回报要求 [35][36][38] 问答环节重要的提问和回答 - 分拆业务时如何平衡短期业绩和长期增长 [13][14][15][16] - 如果出售光纤业务,公司是否可以继续利用光纤建设小区 [31][32][33] - 未来几年公司塔业务的收入和利润增长预期 [40][41][42][43][44][45] - 运营商网络投资计划如何影响公司的小区和塔业务 [48][49][50][51][52][53]

Investors in Crown Castle Inc. (CCI) need to pay close attention to the stock based on moves in the options market lately. That is because the Sep 20, 2024 $155.00 Put had some of the highest implied volatility of all equity options today.What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also ...

会议主要讨论的核心内容 - 新任CEO Steven的管理重点更倾向于运营和成本管理,而非之前CEO Jay更注重战略和未来发展 [4][5] - 公司在经历多次变革和调整后,仍能保持业务稳定增长,体现了员工的高度专注和执行力 [4][5] - 公司对未来5年的中单位数增长保持信心,主要来源于与运营商签订的长期协议,以及运营商持续加大网络投资 [7][8][10][11] - 公司正在进行战略评估,考虑各种选择以创造最大价值,包括出售全部或部分业务,但具体方案尚未确定 [16][17][18][27] - 公司将继续聚焦提高小型基站业务的资本回报率,通过减少新建"锚点"项目,集中发展现有覆盖区域 [31][32] 问答环节重要的提问和回答 - 分析师询问公司是否有望看到运营商在2025年加大网络投资,公司表示目前尚未看到明显变化,但对长期增长保持信心 [6][7][8] - 分析师询问公司是否考虑将光纤服务和小型基站业务分离,公司表示两者是可分割的,但是否应该分离需要进一步评估 [19][20][23][25] - 分析师询问公司是否认为私募市场对资产的估值过高,公司表示这是一直存在的情况,可能反映了公众市场对长期增长的估值不足 [15] - 分析师询问公司是否考虑调整股息政策,公司表示任何资本配置决策都需要在战略评估后确定 [37][38] - 分析师询问公司光纤服务业务能保持增长的原因,公司表示专注于复杂、高容量的客户,获得较低的客户流失率和较稳定的增长 [39][40]

Klaus VedfeltMost readers know me for my REIT analysis on Seeking Alpha. I’ve been writing on this platform for over 14 years, and I’m the most followed analyst with over 116,000 followers. One of the things that I love about Seeking Alpha is the interaction with reader comments. I enjoy responding to questions about individual stocks, macroeconomic news, or just about anything except politics. As I reflect on my time writing on Seeking Alpha, I recount one of the most popular questions: “How many RE ...

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout.Benzinga readers can review the latest analyst takes on their favorite stocks by visiting our Analyst Stock Ratings page. Traders can sort through Benzinga's extensive database of analyst ratings, including by analyst accuracy.Below are the ratings of the most accurate analysts for three high-y ...

HOUSTON, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE:CCI) ("Crown Castle") announced today that it has priced its previously announced public offering of 4.900% Senior Notes due 2029 and 5.200% Senior Notes due 2034 in aggregate principal amounts of $550 million and $700 million, respectively. The Senior Notes due 2029 will have an interest rate of 4.900% per annum and will be issued at a price equal to 99.736% of their face value to yield 4.959%.   The Senior Notes due 2034 will have an inter ...

The REITs (Real Estate Investment Trusts) are worth checking out if you’re looking to get paid handsome distributions while you wait for the Federal Reserve to finally cut interest rates. Undoubtedly, capital-intensive REITs stand out as big winners as rates fall. And while it’s not guaranteed that rates will fall as quickly as they are being priced into various REITs and stocks right now, I do view the rate-sensitive securities as great bets for those seeking to invest for the next several years.Indeed, th ...

财务表现 - 公司2024年第二季度净收入为2.51亿美元,同比下降45%[113] - 公司2024年第二季度调整后EBITDA为10.06亿美元,同比下降15%[113] - 公司2024年上半年净利润下降36%,调整后EBITDA下降11%[146][147] 收入情况 - 公司总租赁收入同比下降9%,主要由于T-Mobile取消Sprint租约导致的收入减少[116] - 塔宇租赁收入同比下降1%,毛利率下降2%[113] - 光纤租赁收入同比下降20%,毛利率下降29%[113] - 公司预计2024年租赁收入增长将受益于新增租户,但将受到Sprint取消租约收入减少的影响[108] - 2024年上半年塔式租赁收入和毛利率分别下降1%和2%,光纤租赁收入和毛利率分别下降13%和20%[135][136] 成本管控 - 塔式服务和其他毛利率在2024年第二季度下降1200万美元[119] - 光纤服务和其他毛利率在2024年第二季度下降1100万美元[120] - 2024年第二季度的销售、一般及管理费用下降6%[121] - 2024年上半年塔式服务及其他毛利率下降52%,光纤服务及其他毛利率下降77%[137][138] - 公司将继续关注成本控制和运营效率提升以应对宏观经济环境的不确定性[179,182,183] 资本支出和投资 - 公司预计2024年将继续大量进行自由裁量性资本支出,主要用于新建和改善现有通信基础设施[108] - 2024年上半年投资活动使用的现金流量净额为6.5亿美元,较2023年同期下降19%[159] - 公司将继续评估资产出售和并购等策略以优化资本结构[184,185] 财务管理 - 公司目标维持约5倍调整后EBITDA的资本结构,以优化加权平均资本成本[154] - 预计将继续作为REIT缴纳较少的现金所得税[152] - 公司维持2016年可循环信贷额度至少等于未偿商业票据金额[167] - 公司设立了2024年ATM计划,可发行总额不超过7.5亿美元的普通股[172] - 公司目前符合债务契约要求,预计未来将继续符合[173] - 公司将密切关注利率变动对财务状况的影响,并采取适当的风险管理措施[184,185,186] 股东回报 - 公司计划未来12个月内至少派发每股6.26美元的股息,总额约27亿美元[165] - 公司使用调整后EBIT作为衡量财务绩效的非公认会计准则指标[177] 业务概况 - 公司拥有超过40,000座通信塔和其他结构、约115,000个小型蜂窝站以及约90,000英里光纤资产[99] - 公司的通信基础设施主要位于美国前100大基本交易区,大部分小型蜂窝站和光纤资产位于主要大都市地区[99] - 公司的策略包括:1)提高现有通信基础设施的现金流;2)以股息形式向普通股股东返还大部分经营活动产生的现金;3)有效投资资本以增长现金流和长期每股股息[101,102,103] - 公司将继续专注于提升客户服务和产品创新以保持市场竞争力[182,183]

Crown Castle Inc. (CCI) reported second-quarter 2024 adjusted funds from operations (AFFO) per share of $1.62, lagging the Zacks Consensus Estimate of $1.65. The reported figure also declined 21% from the year-ago quarter.Results reflect a fall in net revenues on a year-over-year basis. Higher interest expense on debt obligations and lower contributions from adjusted EBITDA were undermining factors. CCI maintained its outlook for 2024. Management remains on track to deliver a full-year outlook for organic r ...