Crown Castle Inc. (NYSE:CCI) Q4 2022 Earnings Call Transcript

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Jonathan Chaplin: Okay. Got it. And then is there a way to contextualize what DISH is contributing to growth at the moment? And have they reached a steady state with you at this point, or do you think that their contribution could still accelerate for you?

Jay Brown: Well, I think we will continue to see the benefit of DISH deploying their network, but being really specific with the number of sites and their percentage contribution, we do our very best to stay away from giving that level of specificity among any of our customers in their network and just let them speak to the number of sites and where they are in their deployment cycle.

Jonathan Chaplin: Okay. And then last one for me. You spoke about the sort of the three phases of network deployment. And the first phase is lots of sites of amendments and then just sort of the next big phase is moving to. I would assume, fewer sites a bit with 4x or 5x the revenue per site. As you look through the sort of the multiyear period that €“ as you work through these phases, is the revenue growth you get similar in the first phase and the second phase and the third phase, or is it heavily weighted towards the first phase just because of the number of sites that they are touching?

Jay Brown: Our experience has been that revenue growth over those various phases stays relatively stable and similar. As we talk about our long-term expectation of €“ around growth and organic growth in towers, we have said that we think that stays maybe a little bit above the 5% level. We think we can sustain that for a period of time. It also ties into our long-term target of being able to grow the dividend 7% to 8%. So, we think there is an elongated runway of growth that’s driven by that top line opportunity. As the carriers go through the various phases of deployment, we see good opportunity to lease both towers and small cells, and we think that extends the runway of growth. And as we look at kind of the current environment that we are in, really excited about where we are and excited about the top line growth that we are seeing and the consistency of the demand from our customers to need to improve their networks and ask for additional leases on our assets across all three of our businesses.

Jonathan Chaplin: Great. Thanks very much guys.

Jay Brown: You bet. Well, thanks everybody for joining. Kate thanks for your help on the call this morning. I do want to thank our team as we wrap up 2022. I realize everyone is already really focused on what we are able to deliver in 2023, but I did want to take the opportunity to congratulate our team for a job well done in 2022, navigating to a great outcome through some pretty difficult challenges over the course of the year. You all did a great job for our customers, and I know they appreciate it. So, thank you to the team and excited about what we will do in €˜23, and look forward to talking to everyone next quarter.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

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