Crown Castle (CCI) FY2019 results: revenue $5.8 billion, up 7.3% on the year
Crown Castle Inc. (CCI) reported revenue of $5.8 billion for fiscal 2019, the year ended 31 December 2019, up 7.3% on the year before. Net income was $747 million, up 46.8%, and diluted earnings per share $1.79. The figures are the company's own, from the 10-K it filed with the SEC on 10 March 2020.
Revenue
$5.8 billion
+7.3% on the year
FY2012FY2019
Operating margin
27.1%
25.8% a year earlier
FY2012FY2019
Net income
$747 million
+46.8% on the year
FY2012FY2019
Diluted EPS
$1.79
+45.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
5,763
5,370
4,255
+7.3%
Cost of revenue
1,986
1,847
1,543
+7.5%
Gross profit
3,777
3,523
2,712
+7.2%
Gross margin
65.5%
65.6%
63.7%
Selling, general and administrative
614
563
427
+9.1%
Operating income
1,559
1,383
967
+12.7%
Operating margin
27.1%
25.8%
22.7%
Interest expense
683
642
0.0
+6.4%
Pre-tax income
881
641
392
+37.4%
Income tax
-21.0
-19.0
-26.0
Effective tax rate
-2.4%
-3.0%
-6.6%
Net income
747
509
445
+46.8%
Net margin
13.0%
9.5%
10.4%
Diluted EPS
$1.79
$1.23
$1.01
+45.5%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,698
2,502
2,032
+7.8%
Capital expenditure
2,057
1,741
1,228
+18.2%
Free cash flow
641
761
804
-15.8%
Free cash flow margin
11.1%
14.2%
18.9%
Cash from investing
-2,081
-1,795
-10,494
Cash from financing
-692
-733
8,195
Depreciation and amortisation
1,572
1,528
1,242
+2.9%
Share-based compensation
117
103
92.0
+13.6%
Buybacks
44.0
34.0
-23.0
+29.4%
Dividends paid
1,912
1,782
-1,509
+7.3%
Dividend per share
$4.58
$4.28
$3.90
+7.0%
Diluted shares, weighted
418m
415m
383m
+0.7%
Shares outstanding at period end
416m
415m
406m
+0.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
10,489
11,571
11,925
-9.4%
Debt
18,121
16,682
16,160
+8.6%
Operating lease liabilities
5,511
0.0
n/a
Other liabilities
4,336
4,532
4,145
-4.3%
Total liabilities and equity
38,457
32,785
32,230
+17.3%
Fixed assets
14,666
13,676
12,933
+7.2%
Goodwill
10,078
10,078
10,021
0.0%
Intangible assets
4,836
5,516
5,962
-12.3%
Cash and equivalents
196
277
314
-29.2%
Receivables
596
501
398
+19.0%
Other assets
8,085
2,737
2,602
+195.4%
Total assets
38,457
32,785
32,230
+17.3%
10-K for the year ended 31 December 2019, filed 10 March 2020: the filing.