CCI - Earnings call transcript Q3 2019

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Operator

Good day, and welcome to the Crown Castle Q3 2019 Earnings Call. Today’s conference is being recorded.

At this time, I would like to turn the conference over to Ben Lowe. Please go ahead, sir.

Ben Lowe

Great. good and Samantha, you, morning, everyone. Thank for third quarter you joining us our review we as XXXX today Thank results. Dan Chief With me Castle’s and Crown are Jay Crown on the call Chief this Executive Officer. Financial morning Brown, Schlanger, Castle’s Officer;

vary in materially assumptions statements supplemental morning. potential To Investors Risk and in will This and crowncastle.com release company’s we conference section may the have throughout Information to forward-looking at the will website call affect actual materials uncertainties refer SEC and of those risks, about from results aid which factors our certain our expected. the results the the could we to which sections the that discussion, filings. are is posted subject of Factors available call contain this press

made October statements. forward-looking and Our XX, update obligation of no statements today XXXX, to are assume we any as

information financial section crowncastle.com. these addition, available in includes Tables In call today’s supplemental reconciling in of certain measures. website measures at are the financial company’s package non-GAAP the non-GAAP discussions the of Investors

with call Jay. the over let that, me to So, turn

Jay Brown

morning, Thanks, good everyone. and Ben,

another the seeing delivered concentrated and infrastructure has the generate in come. markets, and our of for route to miles We XX,XXX years of fiber XX,XXX of I reflect Crown results near-term unmatched towers assets. and positioned flows our portfolio for believe both strategy in shared we demand and strong dividends Castle top U.S. the growth significant cash to that quarter are financial in

execution growth. consistent dividend against resulting this in Steady is strategy

growth line our in dividend increased XXXX. to our per X% AFFO will with share, in we we common what stock believe be by As annualized per share $X.XX

we quarter the investing over Dan we the and the outlook in for increase growth the have more the while assets at will rate we full X%, compounded a of the and last inclusive a heavily XXXX generate long five will significant discuss in announced bit years, Over results growth annual grown that believe the approximately dividend of year yesterday, term. detail.

this comments on So, I key points. morning two my to want focus

business higher than to remaining runway I’m in of be leasing just new Castle decade. highest XXXX the more as excited and in And our Crown activity in robust across our about including deployment First, second, of growth is than the is activity level tower a business started. at getting XXXX, expected investment the XG in XG for remains long

acceleration mobile XX% the capacity environment wireless On customers the first their customers are data in heavily in in in pace tied our their point, keep seeing to XX% to to significant XG networks rapid demand The leasing, growth to current with traffic. annual XXXX, investing to our response in growth. add as largely we demand a data tower networks is

the continue our XXXX, of to elevated leasing next expect As tower for year. you we into see can in outlook level

with As significant from the cases connecting everyone our to the for everything, network. XG infrastructure, we demand generate becomes will long-term at use reality and a wireless new develop connecting that wireless will towers of networks core believe remaining expand

at in voice time a unlimited us taken that XG last there significant tracking Crown wireless to data demand been Castle have data the consumers. penetration from my XX-plus insatiable As on for feed rates mobile advances technology current with has plans over the I like think back from of deployment industry and seemingly the XG the rapid broader years, minutes that

in the of networks with role the forward. industry of long play deployment economy investment that will the now is digital change XG, is next stages to with what beginning And step it the wireless the function brings of the cycle which going in promise be likely a decade supporting the and

data growth steady driven tower for has have data While traffic user significant by wireless pressure leasing on our U.S. respond the there carriers infrastructure. access assets the have been and demand constant: to believe their to decades experience. This networks last will improve strong maintain sustained growth, by to and over investment been and we With of the changed, continued has in couple increased one the as technologies the they

growth future their from addition, need runway front a dense Crown be point. to significantly can deployment XG getting infrastructure In networks Castle more started. of will while growth handle, second I me invest to see heavily the in data with than to pace which our brings customers XG keep of is existing in networks as long just continue to technologies, current my of demand

at the very has World revolution. what of the We’re Economic deemed Forum beginning the fourth industrial

water used power mechanize and first production. to steam The

The electric second used mass production. create power to

to production. The every revolution automate efficiencies the technology the industry. electronics digital third productivity in and be will and long-term fourth that gains almost And person every leads information and to and impacts used

is be end connected revolution industrial billions of than will level is to ever This been in closely tied that of users unprecedented closer will and devices of to and fourth connectivity case. communicating The the and require deployment network XG, for has allow is denser to a real-time. the which

We long-term believe per with saw underlying small portfolio the demand XG, by has beyond dividends business U.S. the growth leading our valuable. this so U.S. to this into infrastructure the change share and in our same and towers in to creating cell trends expand that towers shared deliver industry increased tapping We opportunity driving make network us build architecture begin unique

the multiple towers strategy across used by the our shared the case extension cells, sharing of playbook of The asset we is In with the small fiber customers. asset. same utilizes critical

today air to under we are we where early and believe small our scaled construction, or still very small with the innings. in XX,XXX rapidly on cells have business are we We cell

by as today. deployed time the adding over to we the in the XXXX. tenants opportunity tenfold doing the Against to small that nearly year U.S. XXX,XXX According cells networks XX,XXX to tremendous new returns last backdrop, fiber number expected increase of CTIA, end we’re is to to of our see at cell small fiber from by on existing investments increase

see customers bandwidth high improve further government a small also connectivity, across enterprises, addressable sharing including by our large the require and path assets returns fiber that agencies. cell to healthcare market institutions, a larger We of

I invested we capital at look are see of front recurring our on billion X% of across has miles XX,XXX yield of that in generating a opportunity entire us, XX,XXX the $XX When route the fiber. and I towers

we per With the are two we tenants have past just tower. lease-up on driven two over decades, the over average now

networks, In capacity add assets three to a to similar time. runway than we small have a average cell have investment of tenant fiber vein, over growth, us just tenants a cell significant – age our an of long our more small we years, equivalent giving as across less one with

infrastructure, So the customers in on to driving continued data reflects the of networks. XG in mobile XG our growth and positive growth we wrap the our developing up, fundamentals for networks the stages are our underlying demand existing seeing early including business

operating capture asset in high-quality annually. shareholders great With opportunities expertise in best to and expect substantial these Crown and world ownership, our to grow is the infrastructure in we consistently the position base for a communications X% dividend a through X% unmatched return believe to long-term that to market Castle I capital

over And Dan. to with the I’ll that, call turn

Daniel Schlanger

morning, Jay. Good Thanks, everyone.

results, strong and quarter As that Jay a another a note great provides foundation finish XXXX we solid delivered XXXX. on up sets mentioned, to for us

quarter lower and we than third sustaining had capital higher expected. expenditures were Our results contribution positively by services impacted

timing-related. just is this So

So our expectations unchanged. full-year remain both for

seven also advantage improve nearly maturity continue proactively outstanding conditions long-term financial to quarter, of and our debt rates third market During the lock average extend to attractive favorable flexibility the we of years. to our by in taking interest weighted

We finished the quarter times with five credit debt-to-EBITDA, profile. leverage consistent is which investment-grade or our with

XXXX full-year XXXX to X our are and on items a to Turning would like few the presentation. Slide There of outlook I highlight.

outlook. from our the First, remains outlook XXXX unchanged prior

assumes and prior Sprint between of end first T-Mobile Second, merger the the closes XXXX. to quarter XXXX proposed the the outlook

consistent to to And towers, and expect lastly, growth approximately number solutions. a from from contribution contribution with constructed similar deployments in of XX,XXX XXXX, cell fiber nodes we relative growth to consistent small a XXXX,

Also, weighted stock in shares approximately average XXXX anticipate the mandatory conversion when preferred stock X impact that approximately dividends preferred compared for common The reduce will of to $XX XXXX. paid reflects million outstanding increase shares, the conversion of XXXX please and note diluted the million we XXXX. the occurring August by outlook by

common addition, – $X.XX stock X% $X.XX, expected dividends the per tracking growth our annualized by from per share in we share. share by to increased In per AFFO

$XXX rental approximately straight line growth site Moving of to to in consisting approximately expect midpoint, by million change $XX contribution $XXX revenues from to a XXXX we XXXX million of for of X, in revenues, offset revenues Slide rental at the million. organic site

offset solutions, from escalators. to contribution X.X% of churn, X% these growth contribution in organic from in by inclusive consolidated X% X% growth expectations, contribution – escalators churns business, site Consisting churn growth towers, from no of inclusive offset rental of we inclusive and With X% organic our organic fiber of X% X% anticipate by of organic approximately XXXX. from contribution contribution and cell small X% escalators XX% from our revenues

network tower in range, an relates last X% results. it as X% the the the our the on As XXXX, expected impact in financial churn is to remains occur XXXX long-term to having the X% to churn expected high-end of of late at acquired XXXX,

at walk The X, the growth to contribution driven which midpoints, at the of the by site revenues organic XXXX is Turning growth in offset like expenses. to of primarily rental AFFO the increase the $XXX briefly approximately is Slide cash $XX from approximately $XXX an outlook. through XXXX I’d midpoint million expected million million of to partially by growth approximately to

the our direct other activity. contribution lease to expenses that the cost related of a the This relates expected is increase changes balance in the combination and primarily network associated changes in financing with and are escalations to costs. escalations business, services from adjustments, cost new including of leasing and in items living The expenses typical of

growth, to billion cash leverage of $X.X Based $X.X capital generate, capacity expenditures around customers. issuing this spending overall on expected that our we from our we finance net in level growth expect and support without incremental To billion, the XXXX this discretionary be equity. will believe our flow capital or of contributions can growth we around

demand In tower growth and closing, we’re assets. trends fiber excited positive about driving our the for

in future Looking a long-term believe X%, continue to forward, in will our X% significant generate we support to we’re that while attractive investments delivering annual the position on target business our great and growth of we time growth. returns same dividend making at believe

other item. address I want Before one questions, to taking

a tenant in yesterday, received to XXXX you installations present, policies in our for we related through SEC documents certain As September X-K in services expense capitalization from the business. our and requesting and primarily saw upgrades from the subpoena filed our

of relating we information a not is certain course, finding us law previously and our that not Additionally, fully SEC, expense vendor the capitalization our to transactions, are subpoena review to The documents, material in has which their those of but have and are with violation will, the requires longstanding to amount. SEC certain cooperate provided with service-related believe connection any of of occurred. we in policies appropriate, including policies. We produce

like the I’d to Samantha, call to that, With questions. open

Operator

Our Thank first you. Morgan question will [Operator Simon come Instructions] Flannery from Stanley. with

Simon Flannery

I Great, much. thank you appreciate very it.

when SEC, of just to get So hear up sense any you following you’ve looking more have and here? timing the what got do when they’re might to on exactly some clarity on you around for them back

talked maybe time? some not zoning get over next the And if around at to sort to cell business year. that the ability clarity you Thank revisit back year, it’s to you. your up then least, on acceleration to year, an get in the this XX,XXX-type being to to other similar the outlook of clear Any years other number of for issues and more small about next

Jay Brown

your Sure. indication any Simon. morning, first Good question, have don’t we On timing. of

So, we’ll appropriate. process the fully the as made cooperate have of been through that mentioned, and with us, work as we’ll requests Dan

we’re in around around to question from about to has to call, of small we the cells, extensively and second small the XX timeline deploy where expected utilities had talked what quarter seen municipalities we’re do seeing amount jurisdictions as the both of country On months think range trying we now last the about extend meaningful XX months. we cells, on XX delays to certain to a previously XX timeline from caused which – around

at and of terms more point positive in the I to fronts And with and work stall that But number have through with utilities. up a quickly trying on we’re how quickly don’t municipalities or come we more perspective. different a do do process update any more on working this of that

have XX the some we is we XX morning breakthroughs to to giving the update do think, as we months, the XXXX we’re believed, activity we’ll reflects sit of here XX certainly and today, and front, that that extent to still for be timeline to the I that going on you. months, call on this timeline XX that

Simon Flannery

on Speakers]. change backlog any [Multiple And Great. your to

Jay Brown

backlog. we cells talked did, the on backlog, small up to XX,XXX we on the about, that’s Well, as

So, during from this the then we XX,XXX and roughly we small put quarter of year. some orders from XX,XXX and new to went quarter, so that nodes about took the second X,XXX on third cell pipeline third on constructed to total

Simon Flannery

Thank Okay. you.

Daniel Schlanger

Yes, is around ones which number Jay, XX,XXX under in under XX,XXX can quarter. on on we air you XX,XXX that mentioned, and just to of be that development, clear, as the are development, those which added both of is numbers and see that Jay air the

that anticipated like had of of looking we what talking this and think on put to innings small this I of cells at So But does a longer air gotten indicative frustrated whole the this, point. too into quarter Jay roll big early about than at picture we’re little and haven’t the in bookings earlier, some that we XG. in would are about out have the it feel taking really of it’s really all we’re it, was which these

activity progress So, going and over, are at what that hard we’re we we’re to mentioned, But there and Jay continue is, and get as working we how get are believe because grow, the we’re to there front. this levels think business really need be we we scale and on sustainable hurdles make some making can them. it, we will – over to to looking

Simon Flannery

lot. a Thanks

Operator

Thank you.

will question from next Philip JPMorgan. Our Cusick come with

Richard Yong Choe

me incremental you. your opportunities centers data connecting Wanted solutions and at is connectivity this along with towers Wilshire an around around to current bypassing on other networks, to Hi, thoughts such meet Crown Phil. nodes, for rooms? or that alternative or as get update directly Thank one Richard so

Jay Brown

Yes.

at the point, focus. strategy undertaken think I that of is we’ve core our this the

and world vast on focused the two in as We the fiber, towers around fourth areas, the revolution. components the is the majority small related of we’re what through of going about to think I talked the to opportunity those cells. So particularly network in that lie of terms goes industrial

you opportunity space lease-up it perspective is a we’ve We to world at watch business network, where as investments we potentially gives we’re the as in to think investments and around the made kind small us also of vapor, result in that a not We have know, towers, the by data of only space. of very some have, edge create centers a edge our continuing there’s which would and on but the cells going. utilizing

hospitals role So, opportunity the relies data the don’t at fiber this universities that cells, customers long-term in for, point, think users in asset my bandwidth I other same other and really around of our high see that We us for then for really need and I centers playing a towers for significant as strategy. comments, use utilizing fiber. like and small mentioned and

Richard Yong Choe

Great. Thank you.

Operator

Thank you.

come Our from America. next of will with question David Barden Bank

David Barden

on Could quarter? how the at you to kind choosing lot the be would first talk does if the Thanks. guess, on through got one the for it But what merger it you a Sprint/T-Mobile us in closed I’ve guys, of quarter thanks Hey, taking I or a all? kind first it few. questions. incrementally And the assume happen didn’t guide landed to of contribute at happen the assumption.

Jay Brown

Sure.

the and I the portion, went needed an operating next assumption the guidance that of on assumption, to of in first is transaction, deal we approvals going obviously, the industry based the the through FCC to the make the and DOJ quarter close the believe think we year. is as under we of

keep for few oftentimes in think we in as the it how how points important the context each sit and as outlook October in think we how the year, it’s business business following about the do and to I works. operates talk have our business. year We think, about to I we down inflection

going of specifically how – the as about about of amount figure three talk And year. gain the of of what and component to out into components we’re the kind It’s do leasing the of visibility combination sit reason we for a we that that because try and the for is, to outlook we the XXXX down that. business, because think

to would in it that results leases contribute commenced that to be XXXX, the have year One, during our contributing calendar didn’t of XXXX. full-year are XXXX but the

So to months full get of we XXXX, as signed we from that commence growth. a during those XX over that all year go into were XXXX, contribution leases calendar adds to

would won’t The second we be turn XXXX, component leases during signed that on until they XXXX. but actually

roughly. the out they’re on they’re the would are how when leases know be air lay we committed, that So second – outlook. going of those signed. component our And of We

growth of in And sign we’re in the component, year any component that the to. guide next leases to is the that in will then the smallest year contribution the third and calendar giving given the year

And next guidance. in all will commence of the relatively some likelihood next component year. leases signed the small are a that the year, second-half those towards and of those component of second-half That’s

is his year. is Dan comments, than of that in about next So true. used of growth about half of the to of the in when that of get we given In more we’ll very long talked in have by our significant one we time, get revenue full-year to statements many the X% probably a of haven’t and next guide still of any we that this cases, the already signed our visibility about a growth, already say and, but and things thinking we point today, producing year site already around customers, speaking or benefit a revenue year percentage rentals was in to it

that’s So side. site the rental on

next we’re business. services that There’s benefits for of the two some gets but then will then and have sign. managing this in have to leases the to of about all of start been we installation think as installed yet, think leases side, signed XXXX that component get that we from services don’t year we done work in and And where year the that component the the visibility components project what on carriers, will that there’s it,

what services. would that the or that’s then call And preconstruction work often site we development around is last do, And component be we pre-work that done.

be we XXXX work. to do that leases work even services work won’t the until preconstruction XXXX. doing going construction then go And for in site So some The in development for on XXXX. we’ll are today done be would

of in gives amount because for it we we those So calendar are portions look year is of every October visibility today. tremendous guide the a when next of why elements, which business, at into it all the of significant us year, known

So – U.S. a I about how long Sprint/T-Mobile. time. specifically about know think you we followed us and Dave, for

about So talk you the to customers know, do and don’t we to don’t that want on specific like call.

built for someone outlook the us, thought given any the put so that we’ve how that’s was would our Sprint/T-Mobile first quarter. in But we ask that, that finer did prior for what And done we goes And with we up on it in we in on And the it, merger? as sure XXXX assumption consistently what then did years. made do we to to point a year.

need that to think made that the of broadly help more kind towards here. outlook explanation folks the development that forces assumption should that a us the But that what we I there’s have think to extent, change outlook space the outlook. broader of And drives visibility – the to in then how the and we’ve changes we about understand

it our We’re give revisiting occurs, when or development assumption. certain when us you outlook come or update to necessitates to happy that our back and

David Barden

right. All

Daniel Schlanger

next that’s that Sprint guidance a subsequent It’s add would signing statements the And year T-Mobile that what sign add that’s either financial one three air he go can burger. and that the of in the one, and in and Jay David, would the activity leasing Just would be we year were in outcome year the of the last timing on what clarity leases would giving is talking we that in change impact we as XXXX, be on for, and smallest talks the if piece. next mentioned, about that new the or year. we’re that, would to components there about year significant in put to that, to point

the, said, that’s activity So side. you portion from a of tower like could smaller it’s the the leasing what impact

David Barden

cell for that, And be guess, thanks just second small the I And guys. question Awesome. would lease-up side. on a maybe

So the in of you’ve and terms similar. looking also in XXXX pretty And no kind kind been revenue then deployments, similar terms of talking XXXX, about presumably. lease-up of is roughly

higher, for kind same was that because there I wondering you’ve year, the seeing year revenue to the rather the to on but as tenants. in last if you small incremental missing than We terms a systems cell opportunity the incremental should of Is going you’re this I’m in leasing got be why year, flat. amount business deploy did last revenue lease-up something acceleration be dollar equation? wouldn’t

Jay Brown

think you’re David. the I missing equation, anything don’t in

is I time new going that think, as the believe the is But air new of happening timing having play. on the into that results which leasing will to what we over activity nodes loaded, back-end XXXX in much is contribution come in in the not year.

David Barden

Okay, guys. it. All right. Thanks, got

Operator

you. Thank

question Jonathan next RBC with Capital Atkin from Markets. come Our will

Jonathan Atkin

questions. Couple Thanks. of

So portion where as the is MLAs that there a guidance escalator, components role? the different a that leasing? play of of in do buckets, out laid Is strictly XXXX these in for in you or

just to I on point guess, related guidance kind question, then and finer Barden’s David put to it. And a of

do sounds correct? that You modest do – some you Is like amount CapEx XXXX. integration-related it in of assume

Daniel Schlanger

the On that oftentimes, audience, with the component describe used term Jonathan. this to – customers, for the is agreements just we us. periods of and this, where know of make levels broader activity time. are MLAs MLAs know, But I over you Oftentimes, they those multi-year the committed and to strike

with assumed not XXXX. new our for outlook have customer outlook, regards this not with anything We to generally in do agreements regards to assume and

of baked that we’re you So in how activity and the contracting will, customers if activity we’ve that it’s with business as terms that the into usual, outlook.

second one. a or your I’m Could the you not way? in I it, sure different ask understand it question, rephrase

Jonathan Atkin

before some merge as embark were Different of lower. presumably say, that amendment to lead revenues, to would assets. going let’s carriers CapEx X.X get they deploys might two the one March deploys to cross-pollinated integration-related the onto on elevated is sets and different of carrier If yes. other Yes, XXXX, spectrum

that pace revenues higher maybe little a could next of So lead a bit year. to amendment of

your is, but comment, the it question that the your Is smallest Dan’s So fair is part to like it’s of guidance, in sounds – contemplated that that’s a guidance. characterization?

Jay Brown

Yes.

and think, is assuming that noted, as cycle the in start XG. space, T-Mobile, in think to of T-Mobile in for and this to the have we here quarter. merger obviously focused And to the working in capital is Sprint more listen all obviously, to the next important XX industry the broadly coming the – would is, thinking the XG talk under broadly, are I that and largely activity consideration about you players from the the we listen to transition to you Sprint the months rationale I happens spending first on being what’s that the deployment think pause of I I assumption. and merger and going of that’s of when The XX

trying do be to nearly and in have precise. that really the for XX XX go proven, that activity believe, put think, it’s activity trying those this, the is, to really while years that quarter And of be they earnest, this long, to what that to we start we that of I scale will And starts which us ourselves carriers. over investment the to with will actually a on going fine in activities, months through impossible decade next is in XX point a to cycle

about U.S., And you and talk we get sites significantly so that And upgrade carriers us XG, there’s we comments will on generally require commensurate in the I wireless made, in of XG going and XX as the where cells. they’re greater the is that cycles. order I think and year, the about in see is them business, also about year-plus technology into XG particularly XG with will markets business, we I out small the the hear what greater top towards manage will the business, density that the over the benefit think of density density, think, talk some that that kind to I the will of to you really already think network, provide that and think, touch of go increase a users

back put the and last macro macro be sites come to see existing. and and not try in the to they’re it of phase find then And that additional opportunities antennas where lines will around sites, you carriers identification on

So do stages, activity right But I leases. over that think in point outcome. quarterly very a the rather I I amendment finer your to on that’s to a going do think put than period decade, time, think to I point, happen trying of you’re we’ll existing kind think early see very, long a to of

Jonathan Atkin

approval, first part part then next in at some point built as new then the that, the of may gets lastly, the mandated And place perhaps year. And and that there’ll be force unrelated related this to out business, the there in then network as of – be to auctions deal. DOJ’s – take that sort C-band of

then we how to XXXX any see are initial So or And in that I of or thinking contemplate? that a C-band deployments and forced was the give do outlook? of around not part of maybe when your deployment, what network you much wondered timelines sort you what mandated are

Jay Brown

the I that about available. of we long-term the to FCC path trying would the network, expect additional down certainly bands will spectrum think make to as continue think that we go

from spectrum significant despite the investment around the of both the to the research consumers existing XG. think bands meet networks, demand been shown going densifying of really have to come and that’s all that’s around of the happen capacity that I to has clear there’s amount in the going and they deployment industry not enough

think I as an So the that. will see of C-band example we

auction. there about and I to being that market. contemplated today, are the going are in other we’re think, coming what’s I even I additional freed beyond come multiple spectrum see think to up terms But to examples of bands decade talked over think next

provider is deployed, logo desire of provider, either and get to in that the deployed. get bands has ends And of those provider, that FCC known to otherwise. new as up being there’s and as hands economic best infrastructure a spectrum place or up, been today business that thing, has has an when absolute mandated spectrum or a it then deployed, And whether to that best previously to to be fallow or freed is get that a a interest combination spectrum as by us an the incentive the

in – and that spectrum And for for an to really period invest a the time. things well our goes when along new two opportunity and has bands, capital to those come long together network, of with industry

would have any As given assuming this would it not next was that to that that have around those be and that That to as would known there given now, about inconsequential that be what we that. the today. months, to extent, bands pretty our of my guidance things very we are much about I’m in back morning, the point really contemplate to to And talking guide. already contributes leases, we’re small that the XXXX frankly, are think we additional spectrum earlier were XX

about that we significant. significantly, the we’ve to those dismiss benefit deployed assets the assets over long-term And around as made But spectrum things I benefit fiber investment brands are are and towers, that on both those wouldn’t additional upside longstanding bring to if the long-term. our think think to the that going of that have in from business. We are we those our are terms going of

Jonathan Atkin

much. Thank you very

Operator

Thank you.

Our Rollins with Citigroup. Michael will come from next question

Michael Rollins

morning. good Hi,

know, tenant as a FCC accounting inquiry. to that received similar upgrades you your they’ve or Just same Is and going back the installation and for use competitors, you request? the similar also the

you broadly, greater just more to to there the profit that framework current activity relative the And Thanks. that report? of how to gross would time that moving generating the that be at level? similar you’re to you the the is leasing network then from a what might look potential look measure you business business for And like services to financials maybe the underlying over that over use within sort for or

Jay Brown

letter. accounting Sure. first whether the can’t of received to our or peers, question, your On they’ve speak I not a or

small has tower we this amount historically, services gross profit around perform second basically outside the that time, of services activity tracked of the really leasing are in tower On question business. business, over the the

of virtually tower the from profit business. gross have that we So all the comes

I’ll And there wireless not in mentioned the earlier do business. of my the And comments, that I primary two this services things order do as carriers are scale. in sequentially for in we

we The we do be first thing that for what call services. site would development carriers would

amendment for There Those beginning we to total brand or preconstruction. tenant. that fees we the process installation existing some actually do on tenant construction of whether that of preconstruction. services XX%, about a had. like think things are And to an represents, of the application that them XXXX, new the activity tower, would and is be other do represented lease for site that roughly work that things things I prior that an in new will a are acquisition, new we That

management project the that The we’re regard, services sites. is XX%, component it, actually their it’s again on brand-new second which amendments to whether in they’re our would as or install wanting of leases. management of providing tenants And equipment, project the be the to installing equipment

growth our towers a back of There the in been periods, where has if will levels price and And business, into business see historically, really you the and away at lighter capturing of will some we light, profit just people go we’ll tightly. margins the the in that than percentages activity over have time, bid gross greater from in don’t because where activity today, function it. margins was of that walk of come that relatively – been occasions times, and they us

time capture of a it. robust, periods we higher activity where are more percentage times when is there In of

it not generally perfectly. tracks activity, So but

services you basically last you in around years, activity our several to track over in increase profit continued increase the tower can if gross that the at So activity. look leasing

And think mentioned will be as times we’ve we’re this a in of and we in again couple XXXX. XXXX morning,

than level In of at tower seen activity, leasing we’re in terms highest decade. we’ve the more a

our obviously services is And so business with tracking that.

Michael Rollins

the the activity the relative just of in dollars. to bit on a profit? movement you if that seems in have multiplier a to more the to And is XXXX, profit gross services change change the growth Is get we activity leasing to measure like that unpack try there relative by or internal to fair, at gross in network it may – little gross relative profit growth to the gotten

Jay Brown

not Yes. both that’s there a We of it’s dimension. a single a work, did – There XXXX higher benefit as comments is captured We’ve preconstruction about made bit work. my of – why percentage into from I XXXX. installation as well

we’ve some XXXX. grabbed So XXXX market share there to during relative

of higher a share. market a and combination little it’s So bit the activity

Michael Rollins

Thanks.

Jay Brown

You bet.

Operator

Thank you.

Colby with Cowen from next question and come Our Company. Synesael will

Jonathan Charbonneau

Thanks for is Jon for on the Colby. taking This questions. Great.

you there’s you quarter fiber the ultimately the second you in Within witnessed business, the bookings conservative? Thank about maybe XXXX the growth that the versus And quarter? potential believe for can some third trends prove you. X% talk could

Jay Brown

to continued with the came the line obviously expectations. our third in Yes. quarter, well. We Into saw perform it business

You million, the asset, million that our an – XXXX numbers is larger compared still the that gave basis saw to X%, off the incremental $XXX in midpoint growth in we where we on growth $XXX on is from off XXXX, larger revenue a base, guided. which of

to around our We guidance we of outlook long we’re that. believe can it, this as about increase a times over said everything that that for it. I morning, we we’ve period X%. good that of doing a is feel and can time, sustain and think We couple

will the located I a fiber provide And that As I I’m increase see think the business, able an and at to. could there, we of services look the to and that as we fiber at that fiber opportunity. the right it’s be hopeful market believe better our running and I addressable where is quality get past opportunity it significant

thing trying you. what a as a that happen little could in of assumptions is into way and the XXXX, us around we outlook a business, certainly us, better balanced out weigh And figure different to to of best think number to we the XXXX that could get do a to we’ll worst it. the things Our update happen we view if

Jonathan Charbonneau

Thank you.

Operator

Thank you.

James. will with come Our Raymond Prentiss question from next Ric

Richard Prentiss

Hey, guys. morning, good

Jay Brown

Good morning.

Richard Prentiss

I million could. if $XX the you maybe for that looks of Hey, couple improvement think line questions, Jay, like adjustment mentioned there. I XXXX a change about straight in the

go versus maybe T-Mobile And years also, about is into get more from straight cash been XXXX be five like change? maybe from to to we bigger since years. a adjustment we XXXX, at? looks look adjustment that have like more how we is that as are a positive look should $XXX XXXX But we change so We and expecting like change six It line million think as important there. now expecting to

Jay Brown

let that me take one. Ric, So,

Richard Prentiss

Sure.

Daniel Schlanger

leases new revenue. as is know, And to adds of that that line, signing leases. $XX activities it that to of line we believe what extension an current you – additional straight combination The two – lead and straight those the will million

we’ve outlook. I really – – really believe what to we of that expectation speak number. extension that in new the we in that activity leasing expect that, the then guidance included And as your can’t that can’t in a there is million I I our and leases like happens. that, current $XXX compared I But to to extent don’t captured our of said,

into XXXX, we’re XXXX giving looking And guidance now. just for – we

XXXX. at it for midpoint and out. talking we million talking about, XXXX of So But now, that can what $XX we’re about look we around may we how mentioned the all start get as when into right

Richard Prentiss

detail, picture, a between In book but do adjustment give and as supplement, straight static as extra little a obviously, it’s you far Sure. the line what is. the

of we’ve on thinking So don’t kind XXXX, do trying know guidance you where indication that’s of color? to the what get. early provide XXXX, I XXXX. that in gotten some on And kind you just supplement on but so that’s extra I’m give

Daniel Schlanger

as XXXX. sign new extend you move business is September and what leases relates happens with in to snapshot That XX, as of pointed out, on depending of the that as business time our supplement, will our business it a And as new we leases.

because we give looking to we as not detail it, that get So want a But part want much that as the future, of into as our to we that’s static picture. outlook, can. as why we give

Richard Prentiss

Sure.

The went second looks prepaid maybe rent from up XXXX to rate that like is XXXX. question amortization prepaid of about million amortization $XX

we increase XXXX? to less, of maybe prepaid XXXX rent we look $XX is million of assume more should of just your think trying contribution As amortization or what similar at the in guidance, a

Daniel Schlanger

Yes.

going And into about that’s XXXX. that that be it’ll in First, but higher, that be would we believe It’s anything from material. a XXXX, right. XXXX little neighborhood to not

Richard Prentiss

to basis? just acquired Okay. So on kind side up dollar XXXX. XXXX because is Dan, then X% And there? of you get finish up of up How what level that much of churn, into last on network in dollars get are wrapping mentioned a the be the of left at we the that we in sense a the churn one, late kind tower XXXX on as XXXX

Daniel Schlanger

taken is as we’ll through to X% already get – down of that be at flow back-end almost get normalized long-term about think all we’ve are XXXX. churn now activity will the then of we’ve what therefore, that, X% XXXX, what be it’ll will the we X% our point. into X%. guidance. of we’ve at And seen seen just we it incremental closer the and that number this come into year difference the And Well, think the that into where we of and between we lower-end at and our the of remainder of now going And it’s this from most to

Richard Prentiss

Makes sense.

other cetera? historical like any et more in what long-term, seeing So the acquired asset, networks, X% you’re

Daniel Schlanger

that lower-end within It’s range we’ll range opposed that fair. higher-end that the of be to that’s range. of think I on as and

Richard Prentiss

Great. That helps. Thank you.

Operator

Thank you.

Del will question Deo come from next Our with MoffettNathanson. Nick

Nick Del Deo

for mechanics gets Dan, expensed what business? what Hi, thanks you services gets on my can us through the the taking capitalized questions. and walk of

Jay Brown

the looking Nick. what we any expenditures company it’s in I long-term to to think revenue-generating just maintenance step making but we take on talk long-term want that do what future expense. asset. the that Anything generate are will the I that do expenditures the about extent that Sure, as is a nature, and what and We instance, – how but add think can value add this that, And at will generally of basically does, back that capitalization. potential we are not we revenues that, asset an more asset does an are capitalize. To to we for about

Nick Del Deo

capitalizing Okay. PP&E, so the Are does cost mean – services tower like for improvements? capitalizing costs you business incurred that to you’re

Jay Brown

our to add lot asset. going want cost right think get discussions more I the I nature where like appreciate capitalize that a of you’re we are don’t long-term we the that, to Nick, And here. given into said, We the now. So, detail with to

Nick Del Deo

small then, on gears Okay, the understood. one front. cell Maybe switching

to there? about better a As we they’re lengthening any given to cells kind than option because exiting, the customer timeframe? think contract if a be they but I if not are you’re recognize I’m exercise clauses them, able curious of in the waiting in installing small not may there might choose deliver frame, exit that

Jay Brown

contract, I’m have they sure an committed these contracts. are not we exit but the perform should under appropriately

timeline not the appropriately, like to barriers based that make the hook and long. would we’re we’re certain performing utilities very So on extent very, on municipalities the that

we some So about the risk at that contracted talk we long on point. cells we view get small as I as as those we think, have, base them can air at of don’t

Nick Del Deo

Okay, got it. Thanks, guys.

Jay Brown

bet. You

Operator

Thank you.

next will UBS. with from Levi Batya come Our question

Batya Levi

Thank you. A couple of questions.

any amount be from you next going more for availability year, and CBRS, Just could leases expecting this a that you’re includes increased the macro signed as growth in back any thoughts the color what activity on difference? of when that? given on that a deal guidance, actually make seeing you’re of carriers could organic small to they that the provide if think commercial similar And from Can type deploy closes. slowdown new activities maybe on

lower a CapEx. what’s bit discretionary it’s It that reduction? final the versus you And on driving XXXX. talk a little like looks question about Can

Jay Brown

Sure.

first given. into in relatively flow year frame activity the guide would in the and around point, don’t to how amount that that to We’ve and really get calendar that’s I happen we’ve to On through that a what way a in expect that the guidance want XXXX. specific customer would shows tried this of minimal XXXX helpful we

those We meaningful leases some contribution and in to sure new to I’m that. XXXX. across we’ll that have see more much So have those the add portfolio XXXX, not across color the assume XXXX leases industry, will I during results. frankly contribution But certainly can our will macro and

XXXX to the we activity. material to be that it’s not will of results in some CBRS but and expect be it, most focused to don’t the appears the CBRS, in Initially, is results providing. think We outlook we’re that activity material On our I There of it watching building. today. are that

not that of and venue some may in that of material there, it’s but point the small business. – seeing we’re we driver may contribute the a and have that this opportunities and at So really

Daniel Schlanger

have discretionary to – assets what leasing coming to is on the in the XXXX. will capital, new generate lower On the Batya, it really is will into put all we XXXX believe activity than we we in will that’s take believe of related that air to is the it XXXX. take reduction – that just And believe we

and of leveling XXXX. that As activity what slightly seeing And out you know, in into XXXX we’re is what capital it XXXX. there up was in of profile going we’re in a the result step expenditure a lower

Batya Levi

year? cells? a Can One the exit revenue and us the base fiber, small you follow-up. XX% more fiber small we Okay. like it as rough of cell the split XX% Is just give

Daniel Schlanger

XX% than It’s XXXX into it the fiber, closer to cell XX%, Yes. XX%. going small is XX%

Batya Levi

Okay. right. you. All Thank

Operator

you. Thank

question Our Robert Guggenheim come with Gutman will next Securities. from

Robert Gutman

guidance. fourth seems site site flat is revenue even quarter Yep. the Thanks full-year – for taking the versus implication question. It quarter third a progress at implied, of leasing high-end the fourth pretty The and year-to-date like higher. given just hair leasing quarter

usually stronger. we know, about you seasonally As quarter being think fourth

about, the a the year that a the we order – about maybe of bit little talk in you second-half year? little see there? of first-half year this can So into the the how you And versus – activity about timing pull through bit

Jay Brown

had happy to quarter. that third reasonably Yes, maybe answer a question. strong We

in activity QX the historically, about was stronger. think we As

changing just to really full-year. strong did full-year We Obviously, XXXX. timing. expect for chalk that not I relative to up would I would to outlook – So the be our we’re QX

just to And to you’re that believe so, timing. noticing a between of we movement and QX, QX the just little extent, bit be

Robert Gutman

the Thanks. the of And year? the what activity versus in about first-half order the new second-half the pace of year of

Jay Brown

outlook. leads of the year second-half XXXX right our into Well, the

are second-half flow we end them air that the extent, So at leases on of on those the in the we’re are year calendar XXXX. To of into XXXX. turning the doing the in that this leasing and bookings get don’t

read for get that good through you XXXX. So think for of proxy – looking can a outlook at good activity second-half the a That is for XXXX. by I particularly

make to comments of change in substantially similar what’s say So in to XXXX for the when That’s looks proxy our we of reported XXXX in that a XXXX leasing XXXX. happened second-half of growth. in terms really the that revenue activity for

for the decade, So, and beginning levels seen is in that we’ve of activity the XXXX XXXX. of periods of second-half to the XXXX except through say, at highest all say, a second-half

really incredibly into we as it’s go hopeful So XXXX. and strong been

Daniel Schlanger

this increased And increasing on expectations activity of our as XXXX. leasing through Robert, levels we you remember, new year activity earlier

believe that higher continue. this we’re activity level seeing we will So now

Robert Gutman

on the much orders, small the is Great, tenants, thank new second that builds you. cell breakout of how And proportionally? incremental versus

Jay Brown

over the XX% that tune of colocations XX% in of seen the coming have quarters, several XX% activity locations, new be we’re seeing as amount activities to the fiber we’re new the we we’ve coming in mix the is where about well last off Similar we’re plant. to in to still extension of the so from predominant and is But would going to fiber to that about what place. the extend seeing colocations networks of XX%

the that – the this we’re this at XX morning, the XX so activity activity coming the that’s U.S., some in there in marginal is almost The talking focused entirely that. top to of be increase top markets certainly, markets. outside continues about in in But

Robert Gutman

Great. Thank you.

Operator

you. Thank

from Horan Oppenheimer. with come will question next Our Tim

Timothy Horan

the it the guys. of Jay. merger relatively little the differently it moving keep changing things Thanks, on a – I I’m ends Maybe over Jay. asking all parts. trajectory know years asking five think next mean, at question Do there’s it you a Does up Does Thanks, it? Dish. hurt? Maybe improve million that just Sprint/T-Mobile revenue Does I same? further? sorry, the just

to kind cells, run rate where comes again? interest here ability Thanks. then municipalities of when process do you for their this could we improving lastly, that small all they get then on to cable yet, improvement the are the from good orders do networks a engineering or wireless at And or think point? you And and seeing are companies are the secondly, you much they’re think utilities,

Jay Brown

Sure.

spectrum, really think to think of goes longer-term, opportunity. to data business the I driver referenced logos, is the what logos, owns around is I investment, regardless And think data of infrastructure the the in our our business which traffic in your the I comments. of in question drives traffic what a the of times growth, couple number I my who what

And on that, quarter-to-quarter structure changes coming the growth, required and a very infrastructure of right think regardless what if a is. basis the our XG for amount trajectory of we on favorable is revenue the of be the be I we’re There our some believe about industry the But assumption may outcome long-term that short-term ultimate that’s of business really is that going of there. to to going around is how well the – outcome talking depending environment. perform

of that a say, our trying environment activity and and leasing, drives growth we really – changes business time. And much time to dividend other perform we’re us will of to why dividend I long of to the whether conversations, when well long over so movements do a dividend outcomes, number it’s to Dan focus around of time interest talk as period and growth out about in the to over of the consideration of rate X%. and look things, X%. into of why if these spend we around X%, taking think X% kind And X% it’s as having and we’re of period of range are that a different to we X% it’s kind Inside trying how

look encapsulates to the think, the it is I longer-term of and structures, And it’ll be five the different would dividend around really would what of spectrum deployments say, X% number I at different so? over to of question, like X% industry looking your believe our of bands, growth technologies, years or view favorable. next we kind new that

on really question I On companies, on talk around about like specific cable beg that, going the your don’t to customers. to again, second off because I’m –

look we’ve some for mix go customers more think own lot networks historically XG, infrastructure the what ways starting towards as how there’s of they that a that beyond move and need wireless of seen. could in are generally, at to I we

that And players we’ve this U.S. years. of and seen in to leasing up operators outside compared activity big has prior year, been the from the four

So leasing operators. the we from outside some benefited of big four

likely you’re towards move to we XG, as see continue. that think I

around question and municipalities last utilities. your Then

helpful a We’re get certainly that governmental to really hard been working Obviously, of to really front. that FCC there. rules helpful that to and lot some guidance on intended in to are There worked number give some entities of the been Those out put try been the try rules to amount. and hard cases. timeline have to clarity have a the has to have

we failed A municipalities just this and run of to rules and of orders the But into that comply to with activity. number activities states FCC. utilities also and undertaken try the have the help

cost states state passed at we’re that of legislation And the and on states deploy so level. up of other committed And to with this number terms working mid-XXs enables our a committed there number of have ability that to timelines structures. in we’re that are

opportunities these. kind deploy to of those and say, we would think the is In haven’t though, we us operating trajectory deploy changed changes going how general, of talked quickly take our there all long to these, of really I can we about, as it components, how

its that occurs though, be basic level upfront time. of is of this period a a just the going conversation in way remarks, to asset long significant Ultimately, started kind sharing shared. to investment in And I all very capital my own can business prepared most back at where an that over we of mean, the

quickly what returns node around timing what’s cell and we deliver on for as for cell a looking less we want can about the timing there. sense focused or the these are, it and customers of the it asset certainly our we on us we when the the market opportunity nodes to think absolutely own get to more what’s we’re much the whether working ultimately, small business shared focused not addressable small can, the as are and while at we exact makes And and on a

of well the the that on and have in found the day really over period asset that tower what we’ve to by shared execution then can great do customers period how drive and time time, thoughtfully, long that how can well. focused focused on, do that investments that and adding the a and them returns we’re with you long effectively our position of on with count made. we a business we tenants is And over we’re business effectively a out low-cost really And running that’s patient to on of to we cost provide they ourselves be to provider, solution run day go can because the steady

Timothy Horan

Thank you.

Operator

Thank you.

with come Street Spencer next Research. question Our will New Kurn from

Spencer Kurn

questions. on weighted? wondering Hey, I if fiber? you back-end have on the guys. cadence could was little But leasing you I expect of guide leasing your that provide you a a in small cells, new context talked revenue of of couple about towers the being new bit activity and for

Jay Brown

second-half generally to from are us. outlook, There’s across the those flat for change significant – no first-half XXXX Spencer. The

Spencer Kurn

could to just if XXXX? where was then fiber you the you you. cells point got lower Thank put on And Okay, or it’s from, on CapEx, CapEx in towers, it. whether I small come finer wondering a expect

Jay Brown

the relatively be building to business fiber small XXXX or on spending did small out than a the arena, is similar what in and Spencer. little cells less the in we’re towers and XXXX. The then It’s cell going asset for money we fiber in is

Spencer Kurn

cells. from companies infrastructure. own talking just growth adding the like you a seen or on in feels historically to of carriers the Have building about their meantime, CBRS more win to talked rate And or market. cells Wi-Fi of then themselves, cable around small XX% it you’ve Got it. we’ve lastly, small – And

rates, you us update Thanks. competitive could perspective Are are they you win if wondering your just anything was changed? I Has remaining landscape? stable? so And seeing of the or better on

Jay Brown

Yes.

won In the correct. our about historical You’re that the been, opportunity that’s in believe that we experience won be about XX% we believe of cells XX% deployed, we’ve small market we activity. been have we’ve the has – available what and of to – that been

as business. returns think certainly long-term about we We’re the underwriting not of the

XXXX. that will a be believe activity, significant cell now of stat what small in growth terms I amount number underwriting quoted of increase nodes as between the we the a the not and in We’re CTIA in of tenfold

to that assume going XX% to continue we’re don’t win We of the activity.

a whether happens where activity is areas where percentage existing that the we of it We would very be will decision And believe the – we in then not extent we continue win to or have have an just fiber around the will expand activity fiber. investment we’ll there high to to the business. that outside like of today, we

opportunity the the base to continue the carriers returns, that the decision business? what focused the that comments long believe over markets we do time. initial of we there. the my around And thinking have that future ago per questions we And beyond grow for and dividend the growth how will are, goes period really back to an are We’re to today, what a we kind and of a investment share running plus how on follow couple and be of expand returns about do extent we around, the the

is evaluate that the the similar return were providers towers, the building is a similar building not is work self-performed fiber. it the but to To likely today, changes, carriers – assumption it the Castle build likely to there most not It self-perform. in the is carriers. there. the the again, most cells, the small capital not to are it that we’re bunch that And continue question to where – in cells who also oftentimes, locations do is structure we build small is believe are carrier being if your underwriting we’ll that stays we do choose It to the and the an few then There self-performing. around by the themselves. a we’ll scenario those tower going point, that. to I industry but And of were earlier that cases, of what it If kind days, at think, extent Crown

we where cases, they that carriers There it. to self-perform. in the decide are other be would potentially interested doing But want

that going more. small to coming is, going all what’s over have some decade of scale of around the the be and think needed you’re of to I cells

think number a and we’ll to continue do so the in we’ll where the chosen build and fiber themselves. drive opportunities lease-up carriers returns. capture well our I cells really see fiber think against to small self-perform of we’ve And that to And significant places I build

Spencer Kurn

you. Thank Great.

Jay Brown

given take bet. question. time maybe one more Then we’ll You the we’ll take,

Operator

Thank you.

for KeyBanc Markets. last Nispel today’s question presentation from come with Our will Capital Brandon

Brandon Nispel

bookings Want to Awesome. on me follow-up Thanks for squeezing question in. Roberts activity. on

but provide is question. though, a have towers, a year-over-year on I the quarter-over-quarter and from perspective then just commenced maybe XQ? follow-up year-over-year business Specifically And not and in of some side backlog up color

Daniel Schlanger

Yes.

Just to clarify, Brandon.

over quarter XXXX? third quarter third You’re asking of of XXXX

Brandon Nispel

Speakers] [Multiple Yes.

Daniel Schlanger

Yes.

piece – the time, and in outlook how activity over from we’ve think quarter. what and new than has building expectation XXXX. the being I included third from it you can increasing that And XXXX then from been especially our that during talked that original into leasing isn’t XXXX together, higher about – it is

into we’ve this few mentioned We which that activity seen a continue level believe in the highest as in XXXX. Jay will times that, towers, decade is a

it it around it So we pace continue going think – increasing will is has this been and forward.

Brandon Nispel

pretty Got new on curious And couple called Why years. at is sales. out I that just the scale any is the That small small in does there’s that it. small sort churn cell best is Then I’m in happening? of in business, X% why Then all? you for longer churn you term? guys know business, the business on last And Thanks. the your the costs in that inflation escalator that do? that of X.X% cover business guys

Daniel Schlanger

is we nodes about are churn answer, think somehow of than that Sure. that one – de are is particular And churn times, or location. want going The be just off. there totally minimis but it to that they’re think, not to get aren’t want and now, X%, that times be – that performing don’t at a there can know certain X% certain and way appropriate customers just something where level it is that nodes take say, indicative not satisfying I I you one in I turned a when a particular this may of for other point anything our pretty

the where historically, we’ve thought somewhat roughly, a contract. but the the business on escalator tower about the X.X%, approximately the process, it’s an the get portion more does process on to escalator. a in more portion, thought the fiber node node regard an doesn’t With there’s which been as escalation itself, not the of portion, and But talked fiber between escalation of get portion the escalator. is – The

that, it’ll as X.X% that. business. average the don’t than better about that gotten the on that, over I escalator kind go worked we’ve point get small to in we’ve think the will We where think cell And No, time. of through is don’t up

an dynamic that significant with a it. have build. spoke of doesn’t that’s I’d is that fiber associated the portion I just escalator of For say, generally And

incremental – anchor we margins returns gross small added. lease-up, incremental once And the incremental add there just cost place. Once aren’t as far will of associated the escalations, in we ultimately we, build as be we within margins like really it drive at have what then business. business, and place, and the small believe as incremental tower many with because cost is that And cell the revenue really just escalations returns that higher cell in asset that business will in the those

believe we cost what any and margins escalator as lease-up So we time see over in returns see recover underlying we the in the the increasing business. we’ll is assets that increases

Brandon Nispel

questions. the taking for Thanks right. All

Jay Brown

this You Thanks, joining bet. for morning. everyone, us

obviously really strong incredibly obviously done front as excited the the page start have far, and our terrific up turn long-term finish our a looking we we’re I results XG. mean opportunity on largely get in and business. out XXXX greater in into in we’re about be and the want we job of to as thrilled who the our during even delivering with to conversations for third employees give customers for the opportunity what there’ll to XXXX, I And it’s shout from We’re a around that’s quarter. the us to going think to XG thus focused year

going Thanks. I think it’s to be great.

to thanks catching up morning. We’ll with joining us So this soon. you look Bye-bye. forward for

Operator

teleconference. This gentlemen. you, today’s Thank concludes and ladies

now disconnect. may You

Crown Castle (CCI) 17 Oct 192019 Q3 Earnings call transcript