Crown Castle Inc. Q4 FY2023 results: revenue $1.7 billion, down 5.1% on the year

Crown Castle Inc. (CCI) reported revenue of $1.7 billion for Q4 FY2023, the quarter ended 31 December 2023, down 5.1% on the same quarter a year earlier. Net income was $364 million, down 12.1% on the year, and diluted earnings per share $0.83. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue$1.7 billiondown 5.1%

Net income$364 milliondown 12.1%

Diluted EPS$0.83

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,674	1,667	n/a	n/a
Cost of revenue	48.0	66.0	n/a	n/a
Gross profit	1,626	1,601	n/a	n/a
Gross margin	97.1%	96.0%	n/a
Selling, general and administrative	178	176	n/a	n/a
Operating income	588	486	n/a	n/a
Operating margin	35.1%	29.2%	n/a
Interest expense	223	217	n/a	n/a
Pre-tax income	99.0	272	n/a	n/a
Income tax	5.0	7.0	n/a	n/a
Effective tax rate	5.1%	2.6%	n/a
Net income	364	265	n/a	n/a
Net margin	21.7%	15.9%	n/a
Diluted EPS	$0.83	$0.61	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	868	533	n/a	n/a
Capital expenditure	357	347	n/a	n/a
Free cash flow	511	186	n/a	n/a
Free cash flow margin	30.5%	11.2%	n/a
Depreciation and amortisation	439	439	n/a	n/a
Share-based compensation	31.0	35.0	n/a	n/a
Buybacks	1.0	0.0	n/a	n/a
Dividends paid	679	680	n/a	n/a
Dividend per share	$1.56	$1.56	n/a	n/a
Diluted shares, weighted	434m	434m	n/a	n/a
Shares outstanding at period end	434m	434m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	38,527	38,699	n/a	n/a
Cash and equivalents	105	117	n/a	n/a
Receivables	481	512	n/a	n/a
Goodwill	10,085	10,085	n/a	n/a
Long-term debt	22,921	n/a	n/a	n/a
Long-term debt including finance leases	22,086	21,903	n/a	n/a
Borrowings, as the company tags them	23,092	22,888	n/a	n/a
Operating lease liabilities	5,561	5,660	n/a	n/a
Shareholders' equity	6,381	6,669	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,667	1,674	1,641	1,626	1,652	1,649	1,061	1,060	1,072	n/a	1,010	1,008
Cost of revenue	66.0	48.0	34.0	27.0	30.0	28.0	28.0	27.0	30.0	n/a	26.0	19.0
Gross profit	1,601	1,626	1,607	1,599	1,622	1,621	1,033	1,033	1,042	n/a	984	989
Gross margin	96%	97%	98%	98%	98%	98%	97%	97%	97%	n/a	97%	98%
SG&A	176	178	183	204	153	166	93.0	99.0	97.0	n/a	90.0	97.0
Operating income	486	588	538	485	544	-4,505	521	506	525	n/a	465	470
Operating margin	29%	35%	33%	30%	33%	-273%	49%	48%	49%	n/a	46%	47%
Interest expense	217	223	226	230	236	-1,624	236	243	247	n/a	242	208
Pre-tax income	272	99.0	318	258	308	296	289	269	281	n/a	225	303
Tax rate	3%	5%	2%	3%	2%	2%	2%	1%	1%	n/a	2%	1%
Net income	265	364	311	251	303	-4,768	-464	291	323	n/a	151	94.0
Net margin	16%	22%	19%	15%	18%	-289%	-44%	27%	30%	n/a	15%	9%
Diluted EPS	$0.61	$0.83	$0.71	$0.58	$0.70	-$10.97	-$1.07	$0.67	$0.74	n/a	$0.34	$0.22
Operating cash flow	533	868	599	768	699	877	641	832	714	n/a	509	531
Capital expenditure	347	357	320	329	297	276	40.0	40.0	43.0	n/a	57.0	59.0
Free cash flow	186	511	279	439	402	601	601	792	671	n/a	452	472
Buybacks	0.0	1.0	27.0	3.0	2.0	-65.0	21.0	2.0	0.0	n/a	25.0	992
Dividends paid	680	679	688	680	681	-4,778	690	463	462	n/a	473	459
Shares outstanding	434m	434m	435m	435m	435m	435m	435m	435m	435m	435m	436m	426m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 23 February 2024, accession 0001051470-24-000062: the filing on EDGAR. All of Crown Castle Inc.'s filings: EDGAR company page.

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