CCI · Crown Castle Q2 FY2026 earnings call record财报电话会记录

“First, we continue to increase land ownership purchases under our towers, which improves margins, increases operational control of our assets, and allows us to deliver more quickly for our customers.”

“Starting on page three, second quarter organic growth, excluding the impact of Sprint cancellations and DISH terminations, was 3.9% or $38 million, and included a $5 million increase in other billings.”

“This growth was more than offset at site rental revenues by $5 million of Sprint cancellations, $49 million of DISH terminations, and a $25 million decrease in non-cash straight-line revenues and amortization of prepaid rent.”

“Turning to page four, we are increasing our full year 2026 outlook for site rental revenues by $5 million at the midpoint and maintaining our adjusted EBITDA outlook as the increase in revenue and a $15 million reduction in costs are expected to be offset by a $20 million decrease in services contribution, driven by lower services activity primarily in the third quarter.”

“The higher site rental revenues are driven by a $5 million increase to other billings, resulting in 3.4% full year 2026 organic growth, excluding the impact of Sprint cancellations and DISH terminations, compared to our prior guide of 3.3%.”

“Full year 2026 organic growth increases to 3.6% if DISH revenues are excluded from prior year site rental billings, which compares to our prior guide of 3.5%.”

“The expected $15 million cost reduction consists of a $10 million decrease in site rental cost of operations and a $5 million decrease in selling, general and administrative expense, excluding the impact of stock-based compensation expense as we are seeing success with our ground lease buyout program and continue to drive operational efficiencies across the business.”

“On May 1st, we received $8.4 billion in sale transaction net proceeds, which we used to repurchase $1 billion in shares and repay more than $7 billion in debt, in line with our previously announced capital allocation framework.”

“We completed the $1 billion in share repurchases in the second quarter at an average per-share price of $88.66, allowing us to retire more than 11 million shares and lowering our annual dividend obligation by $47 million.”

“Since last quarter, we repaid approximately $7.2 billion in debt, including approximately $5 billion of floating rate debt across our commercial paper program, revolving credit facility, and term loan, $500 million in open market debt repurchases, $750 million in unsecured notes maturing on June 15th, and $1 billion of unsecured notes maturing on July 15th.”

“One estimate I read said there was something like a 15-year backlog of data center demand versus what the data center companies could currently actually deliver based on that demand.”

“$15 million in the cost of sales line, a lot of that in ground rent reduction, some repair and maintenance, and then on the SG&A line.”