Crown Castle International Corp. has recently released its 10-K report, revealing the company's ownership, operation, and leasing of over 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across major U.S. markets. This portfolio connects cities and communities to essential data, technology, and wireless service.
In the "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," Crown Castle's 10-K report for the year ended December 31, 2024, filed with the SEC on February 23, 2024, provides a detailed overview of the company's financial performance. The report highlights the following financial figures for 2024, 2023, and 2022:
- Total site rental revenues for 2024 decreased by $174 million, or 3%, from 2023.
- Towers site rental revenues and Towers Adjusted Site Rental Gross Margin for 2024 were $4.3 billion and $3.3 billion, respectively, compared to $4.3 billion and $3.4 billion in 2023.
- Fiber site rental revenues and Fiber Adjusted Site Rental Gross Margin for 2024 were $2.1 billion and $1.4 billion, respectively, and decreased by $127 million and $175 million, respectively, from 2023.
- Towers Adjusted Services and Other Gross Margin was $91 million for 2024, a decrease of $36 million from 2023.
- Fiber Adjusted Services and Other Gross Margin was $6 million for 2024, a decrease of $10 million from 2023.
- Selling, general and administrative expenses for 2024 were $706 million, a decrease of $53 million, or 7%, from 2023.
- Asset write-down charges for 2024 increased by $115 million, or 348% from 2023.
- Goodwill impairment charges of $5.0 billion were recorded for the Fiber reporting unit for 2024.
- Interest expense and amortization of deferred financing costs, net was $932 million for 2024, an increase of $82 million, or 10%, from 2023.
- Net income (loss) was $(3.9) billion during 2024 compared to $1.5 billion during 2023.
- Adjusted EBITDA decreased by $254 million, or 6%, from 2023 to 2024.
The report also provides an overview of Crown Castle's liquidity and capital resources, revealing that the company had cash and cash equivalents and restricted cash and cash equivalents of $295 million, undrawn 2016 Revolver availability of $6,961 million, total debt and other obligations of $24,081 million, and a total deficit of $133 million as of December 31, 2024.
Crown Castle's 10-K report offers a comprehensive insight into the company's financial performance and position, providing investors and stakeholders with valuable information for informed decision-making. The market has reacted to these announcements by moving the company's shares 10.4% to a price of $103.22. For more information, read the company's full 10-K submission here.
