Crown Castle (CCI) FY2017 results: revenue $4.3 billion, up 8.5% on the year
Crown Castle Inc. (CCI) reported revenue of $4.3 billion for fiscal 2017, the year ended 31 December 2017, up 8.5% on the year before. Net income was $445 million, up 24.5%, and diluted earnings per share $1.01. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2019.
Revenue
$4.3 billion
+8.5% on the year
FY2010FY2017
Operating margin
22.7%
24.2% a year earlier
FY2010FY2017
Net income
$445 million
+24.5% on the year
FY2010FY2017
Diluted EPS
$1.01
+6.3% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
4,255
3,921
3,664
+8.5%
Cost of revenue
1,543
1,441
1,321
+7.1%
Gross profit
2,712
2,480
2,342
+9.3%
Gross margin
63.7%
63.3%
63.9%
Selling, general and administrative
427
371
311
+15.0%
Operating income
967
949
946
+1.9%
Operating margin
22.7%
24.2%
25.8%
Interest expense
0.0
0.0
18.7
Pre-tax income
392
374
474
+4.9%
Income tax
-26.0
-17.0
-51.5
Effective tax rate
-6.6%
-4.5%
-10.9%
Net income
445
357
1,521
+24.5%
Net margin
10.4%
9.1%
41.5%
Diluted EPS
$1.01
$0.95
$4.42
+6.3%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,032
1,787
1,794
+13.7%
Capital expenditure
1,228
874
909
+40.5%
Free cash flow
804
913
885
-12.0%
Free cash flow margin
18.9%
23.3%
24.2%
Cash from investing
-10,494
-1,429
-1,960
Cash from financing
8,195
-89.0
-935
Depreciation and amortisation
1,242
1,109
1,036
+12.1%
Share-based compensation
92.0
79.0
60.8
+16.5%
Buybacks
-23.0
25.0
29.7
Dividends paid
-1,509
1,239
1,116
Dividend per share
$3.90
$3.61
$3.35
+8.0%
Diluted shares, weighted
383m
341m
334m
+12.4%
Shares outstanding at period end
406m
361m
334m
+12.7%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
11,925
7,222
7,089
+65.1%
Non-controlling interest
n/a
n/a
0.0
Debt
16,160
12,171
12,249
+32.8%
Other liabilities
4,145
3,282
2,599
+26.3%
Total liabilities and equity
32,230
22,675
21,937
+42.1%
Fixed assets
12,933
9,805
9,580
+31.9%
Goodwill
10,021
5,758
5,514
+74.1%
Intangible assets
5,962
3,650
3,780
+63.3%
Cash and equivalents
314
568
179
-44.7%
Receivables
398
374
313
+6.4%
Other assets
2,602
2,521
2,571
+3.2%
Total assets
32,230
22,675
21,937
+42.1%
10-K for the year ended 31 December 2017, filed 25 February 2019: the filing.