The big three U.S. telcos (AT&T, Verizon and T-Mobile) have historically owned and operated their own towers. However, with rising debt and heavy costs involved in deploying the networks, the big three telcos spun off their tower assets to independent tower companies. AT&T and T-Mobile sold their tower business to Crown Castle; and Verizon disposed of its tower assets to American Tower. It was a win win situation for both the parties, as telcos could monetize their tower assets and pay off their debts. In exchange, tower companies could gain a long term customer. The exit of the big three telcos from the tower space led to the market dominance of American Tower, Crown Castle and SBA in the U.S. tower market segment.
Latest Earnings Results (2Q20) - Key Takeaways 03
Crown Castle Has Been Betting Big on Small cells: What Are They?
Capex and M&A Spending
Crown Castle’s Tower Strategy
Small-cell Deployments Slowed by Bureaucracy and Red Tape
Crown Castle’s Small-cell Strategy
List of charts/tables
Crown Castle’s Key Network Infrastructure Metrics
Total revenue & tower revenue YoY growth rate (%)
EBIT margin (%) by company, 1Q19-2Q20
Crown Castle’s capital intensity (%) vs. peers
Revenue growth for top 3 US tower CNNOs, 1Q17-2Q20
Crown Castle: Fiber as % of total revenue
What are small cells?
Crown Castle: Fiber related capex and M&A ($M), 2015-19
Annualized capital intensity for top 3 US tower CNNOs
Crown Castle: # of towers, 2015-2020
Crown Castle: Tower site rental revenues growth, 1Q17-2Q20