Crown Castle (CCI) FY2020 results: revenue $5.8 billion, up 1.3% on the year
Crown Castle Inc. (CCI) reported revenue of $5.8 billion for fiscal 2020, the year ended 31 December 2020, up 1.3% on the year before. Net income was $999 million, up 33.7%, and diluted earnings per share $2.35. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$5.8 billion
+1.3% on the year
FY2013FY2020
Operating margin
31.9%
27.1% a year earlier
FY2013FY2020
Net income
$999 million
+33.7% on the year
FY2013FY2020
Diluted EPS
$2.35
+31.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
5,840
5,763
5,370
+1.3%
Cost of revenue
1,927
1,986
1,847
-3.0%
Gross profit
3,913
3,777
3,523
+3.6%
Gross margin
67.0%
65.5%
65.6%
Selling, general and administrative
678
614
563
+10.4%
Operating income
1,863
1,559
1,383
+19.5%
Operating margin
31.9%
27.1%
25.8%
Interest expense
689
683
642
+0.9%
Pre-tax income
1,076
881
641
+22.1%
Income tax
20.0
-21.0
-19.0
Effective tax rate
1.9%
-2.4%
-3.0%
Net income
999
747
509
+33.7%
Net margin
17.1%
13.0%
9.5%
Diluted EPS
$2.35
$1.79
$1.23
+31.3%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,055
2,698
2,502
+13.2%
Capital expenditure
1,624
2,057
1,741
-21.1%
Free cash flow
1,431
641
761
+123.2%
Free cash flow margin
24.5%
11.1%
14.2%
Cash from investing
-1,741
-2,081
-1,795
Cash from financing
-1,271
-692
-733
Depreciation and amortisation
1,608
1,572
1,528
+2.3%
Share-based compensation
138
117
103
+17.9%
Buybacks
76.0
44.0
34.0
+72.7%
Dividends paid
2,105
1,912
1,782
+10.1%
Dividend per share
$4.93
$4.58
$4.28
+7.6%
Diluted shares, weighted
425m
418m
415m
+1.7%
Shares outstanding at period end
431m
416m
415m
+3.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
9,461
10,489
11,571
-9.8%
Debt
19,280
18,121
16,682
+6.4%
Operating lease liabilities
5,808
5,511
0.0
+5.4%
Other liabilities
4,219
4,336
4,532
-2.7%
Total liabilities and equity
38,768
38,457
32,785
+0.8%
Fixed assets
15,162
14,666
13,676
+3.4%
Goodwill
10,078
10,078
10,078
0.0%
Intangible assets
4,433
4,836
5,516
-8.3%
Cash and equivalents
232
196
277
+18.4%
Receivables
431
596
501
-27.7%
Other assets
8,432
8,085
2,737
+4.3%
Total assets
38,768
38,457
32,785
+0.8%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.