Report Overview

CNNO Playbook: Crown Castle

The big three U.S. telcos (AT&T, Verizon and T-Mobile) have historically owned and operated their own towers. However, with rising debt and heavy costs involved in deploying the networks, the big three telcos spun off their tower assets to independent tower companies. AT&T and T-Mobile sold their tower business to Crown Castle; and Verizon disposed of its tower assets to American Tower. It was a win win situation for both the parties, as telcos could monetize their tower assets and pay off their debts. In exchange, tower companies could gain a long term customer. The exit of the big three telcos from the tower space led to the market dominance of American Tower, Crown Castle and SBA in the U.S. tower market segment.



Operational Scale

Latest Earnings Results (2Q20) – Key Takeaways 03

Revenue Analysis

Crown Castle Has Been Betting Big on Small cells: What Are They?

Capex and M&A Spending

Crown Castle’s Tower Strategy

Small-cell Deployments Slowed by Bureaucracy and Red Tape

Crown Castle’s Small-cell Strategy


List of charts/tables

Crown Castle’s Key Network Infrastructure Metrics

Total revenue & tower revenue YoY growth rate (%)

EBIT margin (%) by company, 1Q19-2Q20

Crown Castle’s capital intensity (%) vs. peers

Revenue growth for top 3 US tower CNNOs, 1Q17-2Q20

Crown Castle: Fiber as % of total revenue

What are small cells?

Crown Castle: Fiber related capex and M&A ($M), 2015-19

Annualized capital intensity for top 3 US tower CNNOs

Crown Castle: # of towers, 2015-2020

Crown Castle: Tower site rental revenues growth, 1Q17-2Q20

Crown Castle: Fiber route miles, 2014-19

Crown Castle: Small cell nodes, 2015-2020

Appendix: Charts