839db865e7508cda0383cde11009c95a0f7c8d540f66c42720d818e4940381f0

9bf7ea76439846d22f5d1bcd1bce7c1ea14f6f0a1c2c504eef842f5a3dd96428

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

01b2e72940571db7ed34b742fd1fa0b3d8fb504e7e3dec1fe0af56abc4a213eb

Towers

- Site Rental

- Services and Other

Small Cells

Fiber

Services and Other

Total Revenue

01c8f34c02f5c35eb6c37a078896cdc0a9116a77b48186430fc8f12673d7a774

Net Revenues (USD, millions)

Site Rental Revenues (USD, millions)

Services and Other Revenues (USD, millions)

Costs of Operations - Site Rental (USD, millions)

Costs of Operations - Services and Other (USD, millions)

Selling, General and Administrative Expenses (USD, millions)

Depreciation, Amortization and Accretion (USD, millions)

Interest Expense and Amortization of Deferred Financing Costs, Net (USD, millions)

Net Income (Loss) (USD, millions)

5fdde8812b02e582ca3fb43b15a1960e4df582ae21576d5093f56511ef90cabc

The **sharp drop** in cash and cash equivalents in Q3 2022—from **$292 million** to **$174 million**—was mainly due to the combination of a **slight decline in operating cash inflows** and **substantially higher cash outflows** for both investing and financing activities. Specifically, the company experienced **higher investing outflows** (rising from **$911 million** to **$946 million**) and **significantly greater financing outflows** (rising from **$921 million** to **$1,209 million**) compared to the prior period, which together outweighed the operating cash flows and led to the overall drop in cash balances.  **[0001051470-22-000160_q32022supplement.htm:10]** **[0001051470-22-000173_cci-20220930.htm:5]** **[0001051470-22-000160_q32022supplement.htm:8]** 

Why did cash and cash equivalents drop so sharply in Q3 2022?

The documents indicate that no specific explanation was provided for the increase. However, such a dramatic spike is typically driven by the reclassification of long‐term debt to current liabilities as the maturity date approaches within the next 12 months, which would explain the jump from **$72 million in Q4 2021** to **$819 million in Q3 2022**.  **[0001051470-22-000160_q32022supplement.htm:10]** **[0001051470-22-000173_cci-20220930.htm:5]** 

What drove the dramatic spike in current maturities of debt in Q3 2022?

378003723151e3218f441b8d1dae4d01b21274af3739d57c4fa21e277a417786

The lower operating cash flow in Q2 2024 was mainly due to a **decrease in Towers operating profit**, a **reduction in Fiber site rental revenues** caused by the absence of Sprint Cancellation payments, and a **net decrease from changes in working capital** driven by the timing of advanced payments and receipts from tenants.  **[0001051470-24-000186_cci-20240630.htm:39]** **[0001051470-24-000180_q22024supplement.htm:29]** **[0001051470-24-000216_cci-20240930.htm:39]** 

What factors contributed to the lower operating cash flow in Q2 2024?

The documents do not provide specific details on what drove the shift to a positive adjustment in other assets in Q4 2023.  **[0001051470-24-000062_cci-20231231.htm:90]** 

What drove the shift to a positive adjustment in other assets in Q4 2023?

Based on the documents, **no specific reasons** were provided for the accounts payable turning positive in Q2 2024. One document indicates that the **Increase (decrease) in accounts payable for Q2 2024 was reported as positive at **13 million USD**  **[0001051470-24-000186_cci-20240630.htm:5]** , while noting typical factors like the timing of supplier payments, operational changes, or adjustments in procurement activities that might influence such fluctuations.  **[0001051470-24-000186_cci-20240630.htm:5]**  However, the documents do not detail the exact factors causing the change from the previous negative trend (e.g., **(19) million USD** in Q1 2024  **[0001051470-24-000143_cci-20240331.htm:4]** ).

Why did accounts payable turn positive in Q2 2024?

The reduction in capital expenditures in **Q3 2024** was primarily driven by a significant decrease in **discretionary spending** on communications infrastructure improvements and other capital projects. Specifically, the spending on these projects decreased from **$312 million** in Q3 2023 to **$260 million** in Q3 2024, which, along with a reduction in prepaid rent additions, led to lower overall capital expenditures. Additionally, strategic changes—including canceling approximately **7,000 small cell nodes** to improve capital efficiency—also contributed to the decrease.  **[0001051470-24-000206_q32024earningsrelease.htm:18]** **[0001051470-24-000206_q32024supplement.htm:11]** **[CCI_3402895_6]** **[CCI_3402895_5]** 

What led to the reduction in capital expenditures in Q3 2024?

The documents indicate that although there was a significant increase in **Other non-cash adjustments, net** in Q3 2024—from **$10 million in Q3 2023** to **$20 million in Q3 2024**—**no specific reasons or details were provided** for this change.   

What caused the increase in other non-cash adjustments in Q3 2024?

a4eda3a7618b4067e578d7c73036084774d2d5645571e2421162ed4ebbb138cd

The lower Operating Income in Q3 2023 was attributed to several factors. **Restructuring charges** of **$72 million** were incurred, which had not been present in prior periods. Additionally, there was a significant decline in **services revenue**, which dropped from **$178 million** to **$90 million** as the company exited its construction services business and experienced lower tower activity. The situation was further compounded by **increased operational costs**, with site rental expenses rising from **$405 million** to **$420 million**, and a higher **interest expense** coupled with increased amortization of deferred financing costs that went up by **$40 million**. These factors collectively contributed to the lower Operating Income in Q3 2023.  **[0001051470-23-000156_q32023earningsrelease.htm:1]** **[0001051470-23-000162_cci-20230930.htm:3]** **[0001051470-23-000156_q32023supplement.htm:32]** 

Why was Operating Income so low in Q3 2023?

The drop in Net Income in Q3 2023 was mainly due to **$72 million in restructuring charges**, a rise in **interest expense and the amortization of deferred financing costs**, and a decrease in **Towers operating profit**, which collectively led to a **37% decline** in net income compared to Q3 2022.  **[0001051470-23-000156_q32023earningsrelease.htm:1]** **[0001051470-23-000162_cci-20230930.htm:32]** 

What led to the drop in Net Income in Q3 2023?

The sharp decline in **Services and Other Revenues** in Q3 2023 was primarily due to a **$35 million lower services contribution** compared to Q3 2022, which contributed to a significant drop from **$178 million** to **$90 million**—a decrease of **$88 million** or approximately **49%**.  **[0001051470-23-000156_q32023supplement.htm:32]** **[0001051470-23-000156_q32023earningsrelease.htm:1]** 

Why did Services and Other Revenues fall sharply in Q3 2023?

caf0e18049056fe5a7739c19330f7d540865d350bb92f1d3bd9486b8ab781b74

CCUSA (U.S. Operations)

- Site Rental Revenue

- Network Services and Other Revenue

- Total Revenue

CCAL (Australian Operations)

Other

- Other Countries

be9263c0dd8e52e17a087b7be19efdce8505a11a23a51d68cf7cf4776484b6c4

Net income (loss) [USD, millions]

Depreciation, amortization and accretion [USD, millions]

Amortization of deferred financing costs and other non-cash interest [USD, millions]

Stock-based compensation expense, net [USD, millions]

Asset write-down charges [USD, millions]

Deferred income tax (benefit) provision [USD, millions]

Other non-cash adjustments, net [USD, millions]

Net cash provided by (used for) operating activities [USD, millions]

Capital expenditures [USD, millions]

Payments for acquisitions, net of cash acquired [USD, millions]

Other investing activities, net [USD, millions]

Net cash provided by (used for) investing activities [USD, millions]

Proceeds from issuance of long-term debt [USD, millions]

Principal payments on debt and other long-term obligations [USD, millions]

Purchases and redemptions of long-term debt [USD, millions]

Borrowings under revolving credit facility [USD, millions]

Payments under revolving credit facility [USD, millions]

Net issuances (repayments) under commercial paper program [USD, millions]

Payments for financing costs [USD, millions]

Purchases of common stock [USD, millions]

Dividends/distributions paid on common stock [USD, millions]

Net cash provided by (used for) financing activities [USD, millions]

Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents [USD, millions]

Effect of exchange rate changes [USD, millions]

Cash and cash equivalents and restricted cash and cash equivalents at beginning of period [USD, millions]

Cash and cash equivalents and restricted cash and cash equivalents at end of period [USD, millions]

f3a3d0fb1d0e5f5aa0dd0a7433cca957061842c9716d149774d5a2853a13f13d

Cash and cash equivalents (USD, millions)

Restricted cash (USD, millions)

Receivables, net (USD, millions)

Prepaid expenses (USD, millions)

Other current assets (USD, millions)

Total current assets (USD, millions)

Deferred site rental receivables (USD, millions)

Property and equipment, net (USD, millions)

Operating lease right-of-use assets (USD, millions)

Goodwill (USD, millions)

Other intangible assets, net (USD, millions)

Other assets, net (USD, millions)

Total assets (USD, millions)

Accounts payable (USD, millions)

Accrued interest (USD, millions)

Deferred revenues (USD, millions)

Other accrued liabilities (USD, millions)

Current maturities of debt and other obligations (USD, millions)

Current portion of operating lease liabilities (USD, millions)

Total current liabilities (USD, millions)

Debt and other long-term obligations (USD, millions)

Operating lease liabilities (USD, millions)

Other long-term liabilities (USD, millions)

Total liabilities (USD, millions)

Common stock (USD, millions)

Additional paid-in capital (USD, millions)

Accumulated other comprehensive income (loss) (USD, millions)

Dividends/distributions in excess of earnings (USD, millions)

Total equity (USD, millions)

Total liabilities and equity (USD, millions)

a269f5119d04528873690cc94f85773968dc43e9881412f790ff1bb1e5cf2d66

Crown Castle Inc (CCI)

Financials