Crown Castle (CCI) FY2014 results: revenue $3.5 billion, up 23.5% on the year
Crown Castle Inc. (CCI) reported revenue of $3.5 billion for fiscal 2014, the year ended 31 December 2014, up 23.5% on the year before. Net income was $391 million, up 333.4%, and diluted earnings per share $1.04. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2015.
Revenue
$3.5 billion
+23.5% on the year
FY2007FY2014
Operating margin
26.6%
30.7% a year earlier
FY2007FY2014
Net income
$391 million
+333.4% on the year
FY2007FY2014
Diluted EPS
$1.04
+300.0% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,539
2,866
2,433
+23.5%
Cost of revenue
1,307
991
729
+31.8%
Gross profit
2,232
1,875
1,704
+19.1%
Gross margin
63.1%
65.4%
70.0%
Selling, general and administrative
257
214
213
+20.5%
Operating income
941
881
835
+6.8%
Operating margin
26.6%
30.7%
34.3%
Interest expense
63.1
64.9
65.2
-2.7%
Pre-tax income
335
251
101
+33.5%
Income tax
-11.2
191
-100
Effective tax rate
-3.4%
76.1%
-99.2%
Net income
391
90.1
189
+333.4%
Net margin
11.0%
3.1%
7.8%
Diluted EPS
$1.04
$0.26
$0.64
+300.0%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,600
1,171
773
+36.6%
Capital expenditure
759
535
441
+41.8%
Free cash flow
842
636
331
+32.3%
Free cash flow margin
23.8%
22.2%
13.6%
Cash from investing
-1,217
-5,459
-4,200
Cash from financing
-463
4,063
3,787
Depreciation and amortisation
986
741
623
+33.0%
Share-based compensation
51.5
39.0
41.9
+31.9%
Buybacks
21.9
99.5
36.0
-78.0%
Dividends paid
624
0.0
0.0
Dividend per share
$1.87
$0.35
$0.00
+434.3%
Diluted shares, weighted
333m
299m
291m
+11.4%
Shares outstanding at period end
334m
334m
293m
-0.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
6,716
6,927
2,939
-3.0%
Non-controlling interest
21.0
14.5
12.5
+45.3%
Redeemable equity
n/a
n/a
0.0
Debt
11,921
11,594
11,611
+2.8%
Other liabilities
2,485
2,059
1,526
+20.7%
Total liabilities and equity
21,143
20,595
16,089
+2.7%
Fixed assets
8,983
8,948
6,918
+0.4%
Goodwill
5,196
4,903
3,120
+6.0%
Intangible assets
3,716
4,058
2,942
-8.4%
Cash and equivalents
151
223
441
-32.3%
Receivables
313
250
193
+25.4%
Other assets
2,784
2,213
2,475
+25.8%
Total assets
21,143
20,595
16,089
+2.7%
10-K for the year ended 31 December 2014, filed 19 February 2015: the filing.