Crown Castle (CCI) FY2013 results: revenue $2.9 billion, up 17.8% on the year
Crown Castle Inc. (CCI) reported revenue of $2.9 billion for fiscal 2013, the year ended 31 December 2013, up 17.8% on the year before. Net income was $90 million, down 52.2%, and diluted earnings per share $0.26. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2014.
Revenue
$2.9 billion
+17.8% on the year
FY2007FY2013
Operating margin
30.7%
34.3% a year earlier
FY2007FY2013
Net income
$90 million
-52.2% on the year
FY2007FY2013
Diluted EPS
$0.26
-59.4% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
2,866
2,433
2,033
+17.8%
Cost of revenue
991
729
588
+35.9%
Gross profit
1,875
1,704
1,444
+10.0%
Gross margin
65.4%
70.0%
71.1%
Selling, general and administrative
214
213
173
+0.4%
Operating income
881
835
692
+5.5%
Operating margin
30.7%
34.3%
34.1%
Interest expense
64.9
65.2
71.7
-0.5%
Pre-tax income
251
101
180
+148.9%
Income tax
191
-100
8.3
Effective tax rate
76.1%
-99.2%
4.6%
Net income
90.1
189
171
-52.2%
Net margin
3.1%
7.8%
8.4%
Diluted EPS
$0.26
$0.64
$0.52
-59.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,171
773
643
+51.6%
Capital expenditure
535
441
348
+21.2%
Free cash flow
636
331
296
+92.1%
Free cash flow margin
22.2%
13.6%
14.5%
Cash from investing
-5,459
-4,200
-400
Cash from financing
4,063
3,787
-276
+7.3%
Depreciation and amortisation
741
623
553
+19.1%
Share-based compensation
39.0
41.9
32.6
-6.9%
Buybacks
99.5
36.0
303
+175.9%
Dividends paid
0.0
0.0
n/a
Dividend per share
$0.35
$0.00
n/a
Diluted shares, weighted
299m
291m
286m
+2.8%
Shares outstanding at period end
334m
293m
284m
+14.0%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
6,927
2,939
2,386
+135.7%
Non-controlling interest
14.5
12.5
0.6
+15.5%
Redeemable equity
n/a
0.0
305
Debt
11,594
11,611
6,886
-0.1%
Other liabilities
2,059
1,526
968
+34.9%
Total liabilities and equity
20,595
16,089
10,545
+28.0%
Fixed assets
8,948
6,918
4,861
+29.3%
Goodwill
4,903
3,120
2,035
+57.1%
Intangible assets
4,058
2,942
2,178
+37.9%
Cash and equivalents
223
441
80.1
-49.4%
Receivables
250
193
77.3
+29.6%
Other assets
2,213
2,475
1,313
-10.6%
Total assets
20,595
16,089
10,545
+28.0%
10-K for the year ended 31 December 2013, filed 24 February 2014: the filing.