• Crown Castle Reports Full Year 2019 Results, Updates Outlook for Full Year 2020, and Announces Restatement of Financial Results

    Source: Nasdaq GlobeNewswire / 26 Feb 2020 16:15:12   America/New_York

    HOUSTON, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") today reported results for the fourth quarter and full year ended December 31, 2019, updated its full year 2020 Outlook, and announced the restatement of previously-issued financial statements.

    (in millions, except per share amounts)Midpoint of
    Current Full
    Year
    2020
    Outlook(c)
    Full Year 2019
    Actual(d)
    Full Year 2018
    Actual,
    as restated(d)
    Full Year 2019
    to Full Year
    2020 Outlook
    % Change
    Full Year 2018
    to Full Year
    2019 %
    Change(d)
    Site rental revenues$5,360$5,098$4,800+5%+6%
    Net income (loss)$1,038$863$625+20%+38%
    Net income (loss) per share—diluted(a)$2.32$1.80$1.23+29%+46%
    Adjusted EBITDA(b)$3,502$3,304$3,095+6%+7%
    AFFO(a)(b)$2,595$2,376$2,228+9%+7%
    AFFO per share(a)(b)$6.12$5.69$5.37+8%+6%

    (a) Attributable to CCIC common stockholders.
    (b) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" included herein for further information and reconciliation of this non-GAAP financial measure to net income (loss).
    (c) Represents no change from the midpoint of full year 2020 Outlook issued on October 16, 2019 ("Previous 2020 Outlook") other than the impact of the restatement described in  "Expected Impact of the Restatement of Previously-Issued Financial Statements."
    (d) Results are preliminary and unaudited.  See "Expected Impact of the Restatement of Previously-Issued Financial Statements" included herein for more information regarding the Company's restatement.

    "In 2019, we experienced our highest level of tower leasing activity in more than a decade as the continued growth in mobile data demand is driving our customers to make significant investments in their existing 4G networks, while they are also positioning their businesses for 5G," stated Jay Brown, Crown Castle’s Chief Executive Officer.  "We believe our ability to offer towers, small cells and fiber solutions, which are all integral components of communications networks and are shared among multiple tenants, provides us the best opportunity to generate significant growth while delivering high returns for our shareholders.  We believe that the U.S. represents the best market in the world for communications infrastructure ownership, and we are pursuing that compelling opportunity with our comprehensive offering.

    "Further, we delivered another strong year of results for full year 2019 despite a noticeable slowdown in activity in the fourth quarter of 2019.  We anticipate that this slowdown is temporary in nature and see a return to significant activity in the second half of this year.  We believe the industry fundamentals are improving further with the competitive landscape for our existing customers coming into focus, the prospect of new customers looking for access to our tower and fiber infrastructure at scale, and additional wireless spectrum auctions on the horizon.  As we look forward to what will likely be another decade-long investment cycle for our customers with the deployment of 5G, I am excited about the opportunity we see for Crown Castle to deliver long-term value to our shareholders while delivering dividend per share growth of 7% to 8% per year."

    DISCUSSION OF TOWER INSTALLATION SERVICES REVENUES
    In connection with our year-end procedures and after receiving the previously disclosed subpoena from the U.S. Securities and Exchange Commission ("SEC"), we engaged in a review internally, and in consultation with our independent auditors, PricewaterhouseCoopers LLP ("PwC"), of our accounting policies for our tower installation services.  Following that review, we decided with PwC to seek input from the SEC's Office of the Chief Accountant ("OCA") regarding whether a portion of our services revenues should be recognized over the term of the associated lease.  The OCA is an office of the SEC that provides guidance to registrants and auditors regarding the application of accounting standards and financial disclosure requirements.  The OCA provided advice on the specific revenue recognition question we submitted to them for their review and did not review or address any other aspect of our accounting policies.  Our consultation with the OCA was not part of the previously disclosed SEC investigation, which is still ongoing, or the related subpoena, which primarily related to certain of our long-standing capitalization and expense policies for tenant upgrades and installations in our services business.

    Our long-standing historical practice with respect to services revenues had been to recognize the entirety of the transaction price from our tower installation services as services revenues upon the completion of the installation services.  After consultation with the OCA, we concluded that our historical practice was not acceptable under GAAP.  Instead, a portion of the transaction price for our installation services, specifically the amounts associated with permanent improvements recorded as fixed assets, represents a modification to the leases to which the services work is related and, therefore, should be recognized on a ratable basis as site rental revenues over the associated estimated remaining lease term.  Cumulatively, over the term of customer lease contracts, we will recognize the same amount of total revenue and total gross margin as our historical practice.

    The result of recognizing a portion of the transaction price on a ratable basis will be an increase to site rental revenues and site rental gross margins that offsets, over time, the decreases to services revenues and services gross margins, in both historical and future periods.  As a result, the preliminary impact to each of Net Income, Adjusted EBITDA and AFFO is a decrease of approximately $100 million for full year 2019 actuals and a decrease of approximately $90 million to our Previous 2020 Outlook.  We have provided tables in this release to reconcile the changes.  Recognizing a portion of the transaction price on a ratable basis for tower installation services will have no impact on our net cash flows, business operations or expected dividend per share growth.

    Due to the identified errors described above, we will restate our financial statements for the years ended December 31, 2018 and 2017, and unaudited financial information for the quarterly and year-to-date periods in the year ended December 31, 2018 and for the first three quarters in the year ended December 31, 2019.   Restated financial statements and financial information for the periods in question will be reflected in Crown Castle's Annual Report on Form 10-K for the year ended December 31, 2019 ("2019 10-K"), which Crown Castle expects to file within the prescribed timeline for such report, including any available extension if needed to finalize the consolidated financial statements and disclosures and complete the associated audit work.

    Additional information relating to the restatement is provided in the section of this release titled, "Expected Impact of the Restatement of Previously-Issued Financial Statements."

    RESULTS FOR THE YEAR
    The table below sets forth select preliminary unaudited financial results for the year ended December 31, 2019 that reflect the restatement described above.

    (in millions, except per share amounts)Full Year
    2019
    Actual(c)(d)
    Midpoint of
    Previous
    2019 Outlook(e)
    Actual
    Compared to
    Previous
    Outlook
    Effect of
    Restatement(c)
    Site rental revenues$5,098$4,965+$133+$110
    Net income (loss)$863$926-$63-$100
    Net income (loss) per share—diluted(a)$1.80$1.95-$0.15-$0.24
    Adjusted EBITDA(b)$3,304$3,408-$104-$100
    AFFO(a)(b)$2,376$2,479-$103-$100
    AFFO per share(a)(b)$5.69$5.94-$0.25-$0.24

    (a) Attributable to CCIC common stockholders.
    (b) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" included herein for further information and reconciliation of this non-GAAP financial measure to net income (loss).

    (c) Results are preliminary and unaudited.  See "Expected Impact of the Restatement of Previously-Issued Financial Statements" included herein for more information regarding the Company's restatement.
    (d) Includes restatement of nine months ended September 30, 2019.
    (e) As issued on October 16, 2019.

    HIGHLIGHTS FROM THE YEAR

    • Site rental revenues.  Site rental revenues grew approximately 6.2%, or $298 million, from full year 2018 to full year 2019, inclusive of approximately $290 million in Organic Contribution to Site Rental Revenues and a $9 million increase in straight-lined revenues.  The $290 million in Organic Contribution to Site Rental Revenues represents approximately 6.1% growth, comprised of approximately 9.9% growth from new leasing activity and contracted tenant escalations, net of approximately 3.8% from tenant non-renewals.
    • Capital Expenditures.  Capital expenditures during the year were $2.1 billion, comprised of $53 million of land purchases, $117 million of sustaining capital expenditures, $1.9 billion of discretionary capital expenditures and $9 million of integration capital expenditures.  The discretionary capital expenditures included approximately $1.4 billion attributable to Fiber and approximately $454 million attributable to Towers.
    • Common stock dividend.  During 2019, Crown Castle paid common stock dividends of approximately $1.9 billion in the aggregate, or $4.575 per common share, an increase of approximately 7% on a per share basis compared to the same period a year ago.

    "Our solid 2019 results and 2020 Outlook, which remains unchanged with the exception of the impact of the restatement we disclosed today, reflect the strong underlying demand for our communications infrastructure assets and our ability to translate growth in data demand into growth in dividends per share," stated Dan Schlanger, Crown Castle's Chief Financial Officer.  "Uncertainty around the outcome of the pending merger between T-Mobile and Sprint led to lower activity levels in the fourth quarter of 2019 that we believe will continue through the first quarter of 2020.   However, we expect activity levels across the industry to increase throughout the year and potentially beyond as we believe our customers will accelerate their investments in 5G.  As a result, we expect our financial performance in 2020 will be more back-end loaded than we previously expected, particularly for services contribution.  Against that backdrop, we are excited about the growth trends across our business and the long-term opportunity in front of Crown Castle as we continue to target 7% to 8% annual growth in dividends per share."

    OUTLOOK

    This Outlook section contains forward-looking statements, and actual results may differ materially.  Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in Crown Castle's filings with the SEC.  As indicated in the footnotes to the table below, the only changes to our Previous 2020 Outlook are a result of the impact of the restatement as described in "Expected Impact of the Restatement of Previously-Issued Financial Statements."
    The following table sets forth Crown Castle's current Outlook for full year 2020:

    (in millions)Full Year 2020
    Site rental revenues$5,337 to $5,382
    Site rental cost of operations(a)$1,482 to $1,527
    Net income (loss)$998 to $1,078
    Adjusted EBITDA(b)$3,479 to $3,524
    Interest expense and amortization of deferred financing costs(c)$691 to $736
    FFO(b)(d)$2,449 to $2,494
    AFFO(b)(d)$2,572 to $2,617
    Weighted-average common shares outstanding - diluted424

    (a) Exclusive of depreciation, amortization and accretion.
    (b) See reconciliation of this non-GAAP financial measure to net income (loss) and definition included herein.
    (c)See reconciliation of "components of current outlook for interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.
    (d) Attributable to CCIC common stockholders.

    Full Year 2020 Outlook
    The table below compares midpoint of the current full year 2020 Outlook and the midpoint of our Previous 2020 Outlook for select metrics.

    (in millions, except per share amounts)Midpoint of
    Current Full
    Year
    2020 Outlook
    Midpoint of
    Previous
    Full Year
    2020 Outlook
    Current
    Compared to
    Previous
    Outlook
    Effect of
    Restatement(c)
    Site rental revenues$5,360$5,219+$141+$141
    Net income (loss)$1,038$1,128-$90-$90
    Net income (loss) per share—diluted(a)$2.32$2.53-$0.21-$0.21
    Adjusted EBITDA(b)$3,502$3,592-$90-$90
    AFFO(a)(b)$2,595$2,685-$90-$90
    AFFO per share(a)(b)$6.12$6.33-$0.21-$0.21

    (a) Attributable to CCIC common stockholders.
    (b) See reconciliation of this non-GAAP financial measure to net income (loss) and definition included herein.
    (c) See "Expected Impact of the Restatement of Previously-Issued Financial Statements" included herein for more information regarding the Company's restatement.

    • The full year 2020 Outlook assumes the proposed merger between T-Mobile and Sprint closes at the end of the first quarter 2020.
    • The 2020 Outlook also reflects the impact of the assumed conversion of preferred stock in August 2020.  This conversion is expected to increase the diluted weighted average common shares outstanding for 2020 by approximately 6 million and reduce the annual preferred stock dividends paid by approximately $28 million when compared to 2019.
    • The chart below reconciles the components of expected growth in site rental revenues from 2019 to 2020 of $250 million to $295 million, inclusive of expected Organic Contribution to Site Rental Revenues during 2020 of $295 million to $335 million.
      Chart 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/41d94009-0f48-47d0-9fcf-ad26bbdb2697 
    • New leasing activity is expected to contribute $395 million to $425 million to 2020 Organic Contribution to Site Rental Revenues, consisting of new leasing activity from towers of $170 million to $180 million, small cells of $65 million to $75 million, and fiber solutions of $160 million to $170 million.
    • The chart below reconciles the components of expected growth in AFFO from 2019 to 2020 of $195 million to $240 million.
      Chart 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/3cd193da-e22b-40b6-b1f1-929b7b54aa2a 
    • Additional information is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of our website.

    EXPECTED IMPACT OF THE RESTATEMENT OF PREVIOUSLY-ISSUED FINANCIAL STATEMENTS
    As indicated above, we will restate our financial statements for the years ended December 31, 2018 and 2017, and unaudited financial information for the quarterly and year-to-date periods in the year ended December 31, 2018 and for the first three quarters in the year ended December 31, 2019. The expected impact of the restatement described above and in the tables in this release is preliminary and unaudited and is subject to change before we file the 2019 10-K.  We believe the restatement will not have an impact on our business operations or our net cash flows.

    The tables set forth below summarize (1) the estimated effects of the restatement on historical periods and (2) the estimated effects of other adjustments to previously-issued financial statements for years prior to 2019 to correct errors relating exclusively to our Towers segment that were not material, either individually or in the aggregate, on certain of the Company's select financial results for the quarters and years ending December 31, 2019 and 2018, and the years ended December 31, 2017, 2016, and 2015.

    (in millions, except per share amounts)Q1 2019(c)Q2 2019(c)Q3 2019(c)Q4 2019(c)Full Year
    2019(c)
    Site rental revenues$24$26$29$31$110
    Services and other revenues$(41)$(55)$(57)$(57)$(210)
    Net income (loss)$(17)$(29)$(28)$(26)$(100)
    Net income (loss) per share—diluted(a)$(0.04)$(0.07)$(0.07)$(0.06)$(0.24)
    Adjusted EBITDA(b)$(17)$(29)$(28)$(26)$(100)
    AFFO(a)(b)$(17)$(29)$(28)$(26)$(100)
    AFFO per share(a)(b)$(0.04)$(0.07)$(0.07)$(0.06)$(0.24)


    (in millions, except per share amounts)Q1 2018(c)Q2 2018(c)Q3 2018(c)Q4 2018(c)Full Year
    2018(c)
    Site rental revenues$19$20$22$23$84
    Services and other revenues$(33)$(30)$(34)$(36)$(133)
    Net income (loss)$(13)$(9)$(11)$(13)$(46)
    Net income (loss) per share—diluted(a)$(0.03)$(0.02)$(0.03)$(0.03)$(0.11)
    Adjusted EBITDA(b)$(13)$(9)$(11)$(13)$(46)
    AFFO(a)(b)$(13)$(9)$(11)$(13)$(46)
    AFFO per share(a)(b)$(0.03)$(0.02)$(0.03)$(0.03)$(0.11)


    (in millions, except per share amounts)Full Year
    2017(c)
    Full Year
    2016(c)
    Full Year
    2015(c)
    Site rental revenues$68$53$40
    Services and other revenues$(166)$(122)$(111)
    Net income (loss)$(77)$(49)$(68)
    Net income (loss) per share—diluted(a)$(0.20)$(0.14)$(0.20)
    Adjusted EBITDA(b)$(77)$(49)$(68)
    AFFO(a)(b)$(77)$(49)$(68)
    AFFO per share(a)(b)$(0.20)$(0.14)$(0.20)

    (a) Attributable to CCIC common stockholders.
    (b) See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" included herein for further information and reconciliation of this non-GAAP financial measure to net income (loss).
    (c) Results are preliminary and unaudited.  See "Expected Impact of the Restatement of Previously-Issued Financial Statements" included herein for more information regarding the Company's restatement.

    Crown Castle has determined that the restatement of its previously issued financial statements as described above indicates the existence of one or more material weaknesses in its internal control over financial reporting and that its internal control over financial reporting and disclosure controls and procedures were ineffective as of December 31, 2019.  Crown Castle will report the material weakness(es) in its 2019 10-K and intends to create a plan of remediation to address the material weakness(es).

    CONFERENCE CALL DETAILS
    Crown Castle has scheduled a conference call for Thursday, February 27, 2020, at 10:30 a.m. Eastern time to discuss its fourth quarter 2019 results.  The conference call may be accessed by dialing 800-367-2403 and asking for the Crown Castle call (access code 8599522) at least 30 minutes prior to the start time.  The conference call may also be accessed live over the Internet at investor.crowncastle.com. Supplemental materials for the call have been posted on the Crown Castle website at investor.crowncastle.com.

    A telephonic replay of the conference call will be available from 1:30 p.m. Eastern time on Thursday, February 27, 2020, through 1:30 p.m. Eastern time on Wednesday, May 27, 2020, and may be accessed by dialing 888-203-1112 and using access code 8599522.  An audio archive will also be available on Crown Castle's website at investor.crowncastle.com shortly after the call and will be accessible for approximately 90 days.

    ABOUT CROWN CASTLE
    Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market.  This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them.  For more information on Crown Castle, please visit www.crowncastle.com. 

    Non-GAAP Financial Measures, Segment Measures and Other Calculations

    This press release includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, and Organic Contribution to Site Rental Revenues, which are non-GAAP financial measures.  These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).

    Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the communications infrastructure sector or other real estate investment trusts ("REITs").  Our definition of FFO is consistent with guidelines from the National Association of Real Estate Investment Trusts with the exception of the impact of income taxes in periods prior to our REIT conversion in 2014.

    In addition to the non-GAAP financial measures used herein, we also provide Segment Site Rental Gross Margin, Segment Services and Other Gross Margin and Segment Operating Profit, which are key measures used by management to evaluate our operating segments.  These segment measures are provided pursuant to GAAP requirements related to segment reporting.  In addition, we provide the components of certain GAAP measures, such as capital expenditures.

    Our non-GAAP financial measures are presented as additional information because management believes these measures are useful indicators of the financial performance of our business.  Among other things, management believes that:

    • Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance.  Adjusted EBITDA is the primary measure used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations.  Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results.  Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of the communications infrastructure sector and other REITs to measure financial performance without regard to items such as depreciation, amortization and accretion which can vary depending upon accounting methods and the book value of assets.  In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used in our debt covenant calculations.  Adjusted EBITDA should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

    • AFFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance.  Management believes that AFFO helps investors or other interested parties meaningfully evaluate our financial performance as it includes (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock) and (2) sustaining capital expenditures, and excludes the impact of our (a) asset base (primarily depreciation, amortization and accretion) and (b) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods.  GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease.  In accordance with GAAP, if payment terms call for fixed escalations, or rent free periods, the revenue or expense is recognized on a straight-lined basis over the fixed, non-cancelable term of the contract.  Management notes that Crown Castle uses AFFO only as a performance measure.  AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flows from operations or as residual cash flow available for discretionary investment.

    • FFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance.  Management believes that FFO may be used by investors or other interested parties as a basis to compare our financial performance with that of other REITs.  FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily depreciation, amortization and accretion). FFO is not a key performance indicator used by Crown Castle.  FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.

    • Organic Contribution to Site Rental Revenues is useful to investors or other interested parties in understanding the components of the year-over-year changes in our site rental revenues computed in accordance with GAAP.  Management uses the Organic Contribution to Site Rental Revenues to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, new leasing activities and tenant non-renewals in our core business, as well to forecast future results. Organic Contribution to Site Rental Revenues is not meant as an alternative measure of revenue and should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.

    We define our non-GAAP financial measures, segment measures and other calculations as follows:

    Non-GAAP Financial Measures

    Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, interest income, other (income) expense, (benefit) provision for income taxes, cumulative effect of a change in accounting principle, (income) loss from discontinued operations and stock-based compensation expense.

    Adjusted Funds from Operations.  We define Adjusted Funds from Operations as FFO before straight-lined revenue, straight-lined expense, stock-based compensation expense, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, acquisition and integration costs, and adjustments for noncontrolling interests, and less sustaining capital expenditures.

    AFFO per share. We define AFFO per share as AFFO divided by diluted weighted-average common shares outstanding.

    Funds from Operations. We define Funds from Operations as net income plus real estate related depreciation, amortization and accretion and asset write-down charges, less noncontrolling interest and cash paid for preferred stock dividends, and is a measure of funds from operations attributable to CCIC common stockholders.

    FFO per share. We define FFO per share as FFO divided by the diluted weighted-average common shares outstanding.

    Organic Contribution to Site Rental Revenues. We define the Organic Contribution to Site Rental Revenues as the sum of the change in GAAP site rental revenues related to (1) new leasing activity, including revenues from the construction of small cells and the impact of prepaid rent, (2) escalators and less (3) non-renewals of tenant contracts.

    Segment Measures

    Segment Site Rental Gross Margin.  We define Segment Site Rental Gross Margin as segment site rental revenues less segment site rental cost of operations, excluding stock-based compensation expense and prepaid lease purchase price adjustments recorded in consolidated site rental cost of operations.

    Segment Services and Other Gross Margin.  We define Segment Services and Other Gross Margin as segment services and other revenues less segment services and other cost of operations, excluding stock-based compensation expense recorded in consolidated services and other cost of operations.

    Segment Operating Profit.  We define Segment Operating Profit as segment site rental gross margin plus segment services and other gross margin, less selling, general and administrative expenses attributable to the respective segment.

    All of these measurements of profit or loss are exclusive of depreciation, amortization and accretion, which are shown separately.  Additionally, certain costs are shared across segments and are reflected in our segment measures through allocations that management believes to be reasonable.

    Other Calculations

    Discretionary capital expenditures. We define discretionary capital expenditures as those capital expenditures made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. They primarily consist of expansion or development of communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations: or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants). and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers). certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure. and other capital projects.

    Integration capital expenditures.  We define integration capital expenditures as those capital expenditures made as a result of integrating acquired companies into our business.

    Sustaining capital expenditures.  We define sustaining capital expenditures as those capital expenditures not otherwise categorized as either discretionary or integration capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.

    The tables set forth on the following pages reconcile the non-GAAP financial measures used herein to comparable GAAP financial measures.  The components in these tables may not sum to the total due to rounding.

    The expected impacts of the restatement described above and in the tables below are preliminary and unaudited and are subject to change before we file the 2019 10-K.  The tables set forth below reflect (1) the estimated effects of the restatement and (2) the estimated effects of other adjustments to previously-issued financial statements for years prior to 2019 to correct errors related exclusively to our Towers segment that were not material, individually or in the aggregate, on certain of the Company's select financial results for the quarters and years ending December 31, 2019 and 2018, and the years ended December 31, 2017, 2016, and 2015.

    Reconciliations of Non-GAAP Financial Measures, Segment Measures and Other Calculations to Comparable GAAP Financial Measures:

    Reconciliation of Historical Adjusted EBITDA:

     For the Three Months Ended For the Twelve Months Ended
     December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018
    (in millions)  (As Restated)   (As Restated)
    Net income (loss)$208  $200  $863  $625 
    Adjustments to increase (decrease) net income (loss):       
    Asset write-down charges6  8  19  26 
    Acquisition and integration costs3  9  13  27 
    Depreciation, amortization and accretion398  390  1,574  1,528 
    Amortization of prepaid lease purchase price adjustments5  5  20  20 
    Interest expense and amortization of deferred financing costs(a)173  164  683  642 
    (Gains) losses on retirement of long-term obligations    2  106 
    Interest income(1) (2) (6) (5)
    Other (income) expense(7) (1) (1) (1)
    (Benefit) provision for income taxes6  5  21  19 
    Stock-based compensation expense27  25  116  108 
    Adjusted EBITDA(b)(c)$818  $803  $3,304  $3,095 


     For the Twelve Months Ended
     December 31, 2017 December 31, 2016 December 31, 2015
    (in millions)(As Restated) (As Restated) (As Restated)
    Net income (loss)$368  $308  $1,456 
    Adjustments to increase (decrease) net income (loss):     
    Income (loss) from discontinued operations    (999)
    Asset write-down charges17  34  33 
    Acquisition and integration costs61  17  16 
    Depreciation, amortization and accretion1,242  1,109  1,036 
    Amortization of prepaid lease purchase price adjustments20  21  21 
    Interest expense and amortization of deferred financing costs(a)591  515  527 
    (Gains) losses on retirement of long-term obligations4  52  4 
    Interest income(19) (1) (2)
    Other (income) expense(1) 9  (57)
    (Benefit) provision for income taxes26  17  (51)
    Stock-based compensation expense96  97  67 
    Adjusted EBITDA(b)(c)$2,405  $2,179  $2,051 
    1. See the reconciliation of "components of historical interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.
    2. See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definition of Adjusted EBITDA.
    3. The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

    Reconciliation of Current Outlook for Adjusted EBITDA:

     Full Year 2020
    (in millions)Outlook
    Net income (loss)$998 to$1,078 
    Adjustments to increase (decrease) net income (loss):   
    Asset write-down charges$20 to$30 
    Acquisition and integration costs$7 to$17 
    Depreciation, amortization and accretion$1,503 to$1,598 
    Amortization of prepaid lease purchase price adjustments$18 to$20 
    Interest expense and amortization of deferred financing costs(a)$691 to$736 
    (Gains) losses on retirement of long-term obligations$0 to$0 
    Interest income$(7)to$(3)
    Other (income) expense$(1)to$1 
    (Benefit) provision for income taxes$16 to$24 
    Stock-based compensation expense$126 to$130 
    Adjusted EBITDA(b)(c)$3,479 to$3,524 
    1. See the reconciliation of "components of historical interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.
    2. See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definition of Adjusted EBITDA.
    3. The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

    Reconciliation of Historical FFO and AFFO:

     For the Three Months Ended For the Twelve Months Ended
    (in millions)December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018
      (As Restated)   (As Restated)
    Net income (loss)$208  $200  $863  $625 
    Real estate related depreciation, amortization and accretion384  375  1,519  1,472 
    Asset write-down charges6  8  19  26 
    Dividends/distributions on preferred stock(28) (28) (113) (113)
    FFO(a)(b)(c)(d)$570  $555  $2,288  $2,009 
    Weighted-average common shares outstanding—diluted(e)418  417  418  415 
    FFO per share(a)(b)(c)(d)(e)$1.36  $1.33  $5.47  $4.84 
            
    FFO (from above)$570  $555  $2,288  $2,009 
    Adjustments to increase (decrease) FFO:       
    Straight-lined revenue(18) (20) (80) (72)
    Straight-lined expense23  21  93  90 
    Stock-based compensation expense27  25  116  108 
    Non-cash portion of tax provision3  3  5  2 
    Non-real estate related depreciation, amortization and accretion14  15  55  56 
    Amortization of non-cash interest expense  2  1  7 
    Other (income) expense(7) (1) (1) (1)
    (Gains) losses on retirement of long-term obligations    2  106 
    Acquisition and integration costs3  9  13  27 
    Sustaining capital expenditures(36) (30) (117) (105)
    AFFO(a)(b)(c)(d)$578  $578  $2,376  $2,228 
    Weighted-average common shares outstanding—diluted(e)418  417  418  415 
    AFFO per share(a)(b)(c)(d)(e)$1.38  $1.39  $5.69  $5.37 
    1. See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definitions of FFO, including per share amounts, and AFFO, including per share amounts.
    2. FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid. 
    3. Attributable to CCIC common stockholders. 
    4. The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
    5. For all periods presented, the diluted weighted-average common shares outstanding does not include any assumed conversion of preferred stock in the share count.

    Reconciliation of Historical FFO and AFFO:

     For the Twelve Months Ended
    (in millions)December 31, 2017 December 31, 2016 December 31, 2015
    (As Restated)
    Net income (loss)(a)$368  $308  $457 
    Real estate related depreciation, amortization and accretion1,211  1,082  1,018 
    Asset write-down charges17  34  33 
    Dividends/distributions on preferred stock(30) (44) (44)
    FFO(b)(c)(d)(e)$1,566  $1,381  $1,465 
    Weighted-average common shares outstanding—diluted(f)383  341  334 
    FFO per share(b)(c)(d)(e)(f)$4.09  $4.05  $4.39 
          
    FFO (from above)$1,566  $1,381  $1,465 
    Adjustments to increase (decrease) FFO:     
    Straight-lined revenue  (47) (111)
    Straight-lined expense93  94  99 
    Stock-based compensation expense96  97  67 
    Non-cash portion of tax provision9  7  (64)
    Non-real estate related depreciation, amortization and accretion31  26  18 
    Amortization of non-cash interest expense9  14  37 
    Other (income) expense(1) 9  (57)
    (Gains) losses on retirement of long-term obligations4  52  4 
    Acquisition and integration costs61  17  16 
    Sustaining capital expenditures(85) (90) (105)
    AFFO(b)(c)(d)(e)$1,783  $1,561  $1,369 
    Weighted-average common shares outstanding—diluted(f)383  341  334 
    AFFO per share(b)(c)(d)(e)(f)$4.65  $4.58  $4.10 
    1. Exclusive of income (loss) from discontinued operations and related noncontrolling interest of $1.0 billion for the twelve months ended December 31, 2015.
    2. See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definitions of FFO, including per share amounts, and AFFO, including per share amounts.
    3. FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid. 
    4. Attributable to CCIC common stockholders. 
    5. The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
    6. For all periods presented, the diluted weighted-average common shares outstanding does not include any assumed conversion of preferred stock in the share count.

    Reconciliation of Current Outlook for FFO and AFFO:

     Full Year 2020
    (in millions)Outlook
    Net income (loss)$998 to$1,078 
    Real estate related depreciation, amortization and accretion$1,454 to$1,534 
    Asset write-down charges$20 to$30 
    Dividends/distributions on preferred stock$(85)to$(85)
    FFO(a)(b)(c)(d)$2,449 to$2,494 
    Weighted-average common shares outstanding—diluted(e) 424 
    FFO per share(a)(b)(c)(d)(e)$5.77 to$5.88 
        
    FFO (from above)$2,449 to$2,494 
    Adjustments to increase (decrease) FFO:   
    Straight-lined revenue$(53)to$(33)
    Straight-lined expense$70 to$90 
    Stock-based compensation expense$126 to$130 
    Non-cash portion of tax provision$(6)to$9 
    Non-real estate related depreciation, amortization and accretion$49 to$64 
    Amortization of non-cash interest expense$(4)to$6 
    Other (income) expense$(1)to$1 
    (Gains) losses on retirement of long-term obligations$0 to$0 
    Acquisition and integration costs$7 to$17 
    Sustaining capital expenditures$(123)to$(103)
    AFFO(a)(b)(c)(d)$2,572 to$2,617 
    Weighted-average common shares outstanding—diluted(e) 424 
    AFFO per share(a)(b)(c)(d)(e)$6.06 to$6.17 
    1. See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definitions of FFO, including per share amounts, and AFFO, including per share amounts.
    2. FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid. 
    3. Attributable to CCIC common stockholders. 
    4. The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
    5. The assumption for diluted weighted-average common shares outstanding for full year 2020 Outlook is based on the diluted common shares outstanding as of December 31, 2019 and is inclusive of the assumed conversion of preferred stock in August 2020, which we expect to result in (1) an increase in the diluted weighted-average common shares outstanding by approximately 6 million shares and (2) a reduction in the amount of annual preferred stock dividends paid by approximately $28 million when compared to full year 2019.

    For Comparative Purposes - Reconciliation of Previous Outlook for Adjusted EBITDA:

     Previously Issued Previously Issued
     Full Year 2019 Full Year 2020
    (in millions)Outlook Outlook
    Net income (loss)$896 to$956  $1,088 to$1,168 
    Adjustments to increase (decrease) net income (loss):       
    Asset write-down charges$23 to$33  $20 to$30 
    Acquisition and integration costs$11 to$21  $7 to$17 
    Depreciation, amortization and accretion$1,576 to$1,611  $1,503 to$1,598 
    Amortization of prepaid lease purchase price adjustments$19 to$21  $18 to$20 
    Interest expense and amortization of deferred financing costs$674 to$704  $691 to$736 
    (Gains) losses on retirement of long-term obligations$2 to$2  $0 to$0 
    Interest income$(8)to$(4) $(7)to$(3)
    Other (income) expense$2 to$4  $(1)to$1 
    (Benefit) provision for income taxes$16 to$24  $16 to$24 
    Stock-based compensation expense$112 to$120  $126 to$130 
    Adjusted EBITDA(a)(b)$3,393 to$3,423  $3,569 to$3,614 
    1. See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definition of Adjusted EBITDA.
    2. The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.

    For Comparative Purposes - Reconciliation of Previous Outlook for FFO and AFFO:

     Previously Issued Previously Issued
     Full Year 2019 Full Year 2020
    (in millions)Outlook Outlook
    Net income (loss)$896 to$956  $1,088 to$1,168 
    Real estate related depreciation, amortization and accretion$1,528 to$1,548  $1,454 to$1,534 
    Asset write-down charges$23 to$33  $20 to$30 
    Dividends/distributions on preferred stock$(113)to$(113) $(85)to$(85)
    FFO(a)(b)(c)(d)$2,363 to$2,393  $2,539 to$2,584 
    Weighted-average common shares outstanding—diluted(e) 418   424 
    FFO per share(a)(b)(c)(d)(e)$5.66 to$5.73  $5.99 to$6.09 
            
    FFO (from above)$2,363 to$2,393  $2,539 to$2,584 
    Adjustments to increase (decrease) FFO:       
    Straight-lined revenue$(74)to$(54) $(53)to$(33)
    Straight-lined expense$81 to$101  $70 to$90 
    Stock-based compensation expense$112 to$120  $126 to$130 
    Non-cash portion of tax provision$(6)to$9  $(6)to$9 
    Non-real estate related depreciation, amortization and accretion$48 to$63  $49 to$64 
    Amortization of non-cash interest expense$(5)to$5  $(4)to$6 
    Other (income) expense$2 to$4  $(1)to$1 
    (Gains) losses on retirement of long-term obligations$2 to$2  $0 to$0 
    Acquisition and integration costs$11 to$21  $7 to$17 
    Sustaining capital expenditures$(136)to$(106) $(123)to$(103)
    AFFO(a)(b)(c)(d)$2,464 to$2,494  $2,662 to$2,707 
    Weighted-average common shares outstanding—diluted(e) 418   424 
    AFFO per share(a)(b)(c)(d)(e)$5.90 to$5.97  $6.28 to$6.38 
    1. See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definitions of FFO, including per share amounts, and AFFO, including per share amounts.
    2. FFO and AFFO are reduced by cash paid for preferred stock dividends during the period in which they are paid.
    3. Attributable to CCIC common stockholders.
    4. The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
    5. The assumption for diluted weighted-average common shares outstanding for full year 2020 Outlook is based on the diluted common shares outstanding as of December 31, 2019 and is inclusive of the assumed conversion of preferred stock in August 2020, which we expect to result in (1) an increase in the diluted weighted-average common shares outstanding by approximately 6 million shares and (2) a reduction in the amount of annual preferred stock dividends paid by approximately $28 million when compared to full year 2019.

    The components of changes in site rental revenues for the quarters ended December 31, 2019 and 2018 are as follows:

     Three Months Ended December 31,
    (dollars in millions)2019 2018
      (As Restated)
    Components of changes in site rental revenues(a):   
    Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(b)(c)$1,212  $1,067 
        
    New leasing activity(b)(c)100  64 
    Escalators22  21 
    Non-renewals(51) (22)
    Organic Contribution to Site Rental Revenues(d)71  63 
    Straight-lined revenues associated with fixed escalators18  20 
    Acquisitions(e)—  82 
    Other—  — 
    Total GAAP site rental revenues$1,301  $1,232 
        
    Year-over-year changes in revenue:   
    Reported GAAP site rental revenues5.6%  
    Organic Contribution to Site Rental Revenues(d)(f)5.9%  
    1. Additional information regarding Crown Castle's site rental revenues, including projected revenue from tenant licenses, straight-lined revenues and prepaid rent is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of its website.
    2. Includes revenues from amortization of prepaid rent in accordance with GAAP. 
    3. Includes revenues from the construction of new small cell nodes, exclusive of straight-lined revenues related to fixed escalators. 
    4. See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein.
    5. Represents the contribution from recent acquisitions.  The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition.
    6. Calculated as the percentage change from prior year site rental revenues, exclusive of straight-lined revenues associated with fixed escalations, compared to Organic Contribution to Site Rental Revenues for the current period.

    The components of the changes in site rental revenues for the years ending December 31, 2019 and December 31, 2020 are forecasted as follows:

    (dollars in millions)Full Year 2019 Full Year 2020 Outlook
    Components of changes in site rental revenues(a):   
    Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(b)(c)$4,727  $5,017 
        
    New leasing activity(b)(c) 385  395-425
    Escalators 86  90-100
    Non-renewals (181) (195)-(175)
    Organic Contribution to Site Rental Revenues(d) 290  295-335
    Straight-lined revenues associated with fixed escalators 81  33-53
    Acquisitions(e) —   — 
    Other —   — 
    Total GAAP site rental revenues$5,098  $5,337-$5,382
        
    Year-over-year changes in revenue:   
    Reported GAAP site rental revenues(f) 6.2%  5.1%
    Organic Contribution to Site Rental Revenues(d)(f)(g) 6.1%  6.3%
    1. Additional information regarding Crown Castle's site rental revenues, including projected revenue from tenant licenses, straight-lined revenues and prepaid rent is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of its website.
    2. Includes revenues from amortization of prepaid rent in accordance with GAAP. 
    3. Includes revenues from the construction of new small cell nodes, exclusive of straight-lined revenues related to fixed escalators. 
    4. See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein.
    5. Represents the contribution from recent acquisitions.  The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Revenues until the one-year anniversary of the acquisition.
    6. Calculated based on midpoint of full year 2020 Outlook.
    7. Calculated as the percentage change from prior year site rental revenues, exclusive of straight-lined revenues associated with fixed escalations, compared to Organic Contribution to Site Rental Revenues for the current period.

    Components of Historical Interest Expense and Amortization of Deferred Financing Costs:

     For the Three Months Ended
    (in millions)December 31, 2019 December 31, 2018
    Interest expense on debt obligations$173  $162 
    Amortization of deferred financing costs and adjustments on long-term debt, net5  5 
    Other, net(5) (3)
    Interest expense and amortization of deferred financing costs$173  $164 

    Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs:

     Full Year 2020
    (in millions)Outlook
    Interest expense on debt obligations$703 to$723 
    Amortization of deferred financing costs and adjustments on long-term debt, net$20 to$25 
    Other, net$(24)to$(19)
    Interest expense and amortization of deferred financing costs$691 to$736 

    Debt balances and maturity dates as of December 31, 2019 are as follows:

    (in millions)Face Value Final Maturity
    Cash, cash equivalents and restricted cash$338  
        
    3.849% Secured Notes1,000 Apr. 2023
    Secured Notes, Series 2009-1, Class A-2(a)68 Aug. 2029
    Tower Revenue Notes, Series 2015-1(b)300 May 2042
    Tower Revenue Notes, Series 2018-1(b)250 July 2043
    Tower Revenue Notes, Series 2015-2(b)700 May 2045
    Tower Revenue Notes, Series 2018-2(b)750 July 2048
    Finance leases and other obligations226 Various
    Total secured debt$3,294  
    2016 Revolver525 June 2024
    2016 Term Loan A2,312 June 2024
    Commercial Paper Notes(c)155 Various
    3.400% Senior Notes850 Feb. 2021
    2.250% Senior Notes700 Sept. 2021
    4.875% Senior Notes850 Apr. 2022
    5.250% Senior Notes1,650 Jan. 2023
    3.150% Senior Notes750 July 2023
    3.200% Senior Notes750 Sept. 2024
    4.450% Senior Notes900 Feb. 2026
    3.700% Senior Notes750 June 2026
    4.000% Senior Notes500 Mar. 2027
    3.650% Senior Notes1,000 Sept. 2027
    3.800% Senior Notes1,000 Feb. 2028
    4.300% Senior Notes600 Feb. 2029
    3.100% Senior Notes550 Nov. 2029
    4.750% Senior Notes350 May 2047
    5.200% Senior Notes400 Feb. 2049
    4.000% Senior Notes350 Nov. 2049
    Total unsecured debt$14,942  
    Total net debt$17,898  
    1. The Senior Secured Notes, 2009-1, Class A-2 principal amortizes during the period beginning in September 2019 and ending in August 2029.
    2. The Senior Secured Tower Revenue Notes, Series 2015-1 and 2015-2 have anticipated repayment dates in 2022 and 2025, respectively.  The Senior Secured Tower Revenue Notes, Series 2018-1 and 2018-2 have anticipated repayment dates in 2023 and 2028, respectively.
    3. The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.

    Net Debt to Last Quarter Annualized Adjusted EBITDA is computed as follows:

    (dollars in millions)For the Three Months Ended December 31, 2019
    Total face value of debt$18,236 
    Ending cash, cash equivalents and restricted cash338 
    Total Net Debt$17,898 
      
    Adjusted EBITDA for the three months ended December 31, 2019$818 
    Last quarter annualized Adjusted EBITDA3,272 
    Net Debt to Last Quarter Annualized Adjusted EBITDA5.5x

    Components of Capital Expenditures:

     For the Three Months Ended
    (in millions)December 31, 2019 December 31, 2018
     TowersFiberOtherTotal TowersFiberOtherTotal
    Discretionary:         
    Purchases of land interests$11 $ $ $11  $18 $ $ $18 
    Communications infrastructure construction and improvements119 353  472  98 349  447 
    Sustaining12 12 12 36  8 15 7 30 
    Integration  2 2    5 5 
    Total$142 $365 $14 $521  $124 $364 $11 $500 

    Note:  See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for further discussion of our components of capital expenditures.

    Cautionary Language Regarding Forward-Looking Statements

    This press release contains forward-looking statements and information that are based on our management's current expectations.  Such statements include our Outlook and plans, projections, and estimates regarding (1) potential benefits, growth, returns, opportunities and tenant and shareholder value which may be derived from our business, assets, investments, acquisitions and dividends, (2) our strategy, business model and capabilities and the strength of our business, (3) industry fundamentals and driving factors for improvements in such fundamentals, (4) our customers' investment, including investment cycles, in network improvements and the trends driving such improvements, (5) our long-term prospects and the trends impacting our business (including growth in mobile data demand), (6) preliminary restatement of financial results, our restatement plans and the expected impact of such restatement, (7) management's intent to report in the 2019 10-K and create a remediation plan to address the material weakness(es) in Crown Castle's internal controls over financial reporting and its ineffective disclosure controls and procedures, (8) leasing environment and activity, including (a) timing and temporary nature of the leasing activity slowdown and our expectation for rebound in leasing activity and (b) growth in leasing activity and the contribution to our financial or operating results therefrom, (9) opportunities we see to deliver long-term value and dividend per share growth, (10) the status of the SEC investigation, (11) our dividends and our dividend (including on a per share basis) growth rate, including its driving factors, and targets, (12) our portfolio of assets, including demand therefor, strategic position thereof and opportunities created thereby, (13) assumed conversion of preferred stock and the impact therefrom, (14) expected timing for the closing of the proposed merger between T-Mobile and Sprint, (15) amount of total revenue and total gross margin we expect to recognize cumulatively over the associated estimated remaining lease term, (16) timing of filing of the 2019 10-K, (17) cash flows, including growth thereof, (18) tenant non-renewals, including the impact and timing thereof, (19) capital expenditures, including sustaining and discretionary capital expenditures, and the timing thereof, (20) straight-line adjustments, (21) site rental revenues and estimated growth thereof, (22) site rental cost of operations, (23) net income (loss) (including on a per share basis) and estimated growth thereof, (24) Adjusted EBITDA, including the impact of the timing of certain components thereof and estimated growth thereof, (25) expenses, including interest expense and amortization of deferred financing costs, (26) FFO (including on a per share basis) and estimated growth thereof, (27) AFFO (including on a per share basis) and estimated growth thereof and corresponding driving factors, (28) Organic Contribution to Site Rental Revenues and its components, including contributions therefrom, (29) our weighted-average common shares outstanding (including on a diluted basis) and estimated growth thereof, (30) services contribution, including the timing thereof, (31) Segment Site Rental Gross Margin, (32) Segment Services and Other Gross Margin, (33) Segment Operating Profit and (34) the utility of certain financial measures, including non-GAAP financial measures.  Such forward-looking statements are subject to certain risks, uncertainties and assumptions prevailing market conditions and the following:

    • Our business depends on the demand for our communications infrastructure, driven primarily by demand for data, and we may be adversely affected by any slowdown in such demand.  Additionally, a reduction in the amount or change in the mix of network investment by our tenants may materially and adversely affect our business (including reducing demand for our communications infrastructure or services).
    • A substantial portion of our revenues is derived from a small number of tenants, and the loss, consolidation or financial instability of any of such tenants may materially decrease revenues or reduce demand for our communications infrastructure and services.
    • The expansion or development of our business, including through acquisitions, increased product offerings or other strategic growth opportunities, may cause disruptions in our business, which may have an adverse effect on our business, operations or financial results.
    • Our Fiber segment has expanded rapidly, and the Fiber business model contains certain differences from our Towers business model, resulting in different operational risks.  If we do not successfully operate our Fiber business model or identify or manage the related operational risks, such operations may produce results that are lower than anticipated.
    • Failure to timely and efficiently execute on our construction projects could adversely affect our business.
    • Our substantial level of indebtedness could adversely affect our ability to react to changes in our business, and the terms of our debt instruments and our 6.875% Mandatory Convertible Preferred Stock limit our ability to take a number of actions that our management might otherwise believe to be in our best interests.  In addition, if we fail to comply with our covenants, our debt could be accelerated.
    • We have a substantial amount of indebtedness.  In the event we do not repay or refinance such indebtedness, we could face substantial liquidity issues and might be required to issue equity securities or securities convertible into equity securities, or sell some of our assets to meet our debt payment obligations.
    • Sales or issuances of a substantial number of shares of our common stock or securities convertible into shares of our common stock may adversely affect the market price of our common stock.
    • As a result of competition in our industry, we may find it more difficult to negotiate favorable rates on our new or renewing tenant contracts.
    • New technologies may reduce demand for our communications infrastructure or negatively impact our revenues.
    • If we fail to retain rights to our communications infrastructure, including the land interests under our towers and the right-of-way and other agreements related to our small cells and fiber, our business may be adversely affected.
    • Our services business has historically experienced significant volatility in demand, which reduces the predictability of our results.
    • New wireless technologies may not deploy or be adopted by tenants as rapidly or in the manner projected.
    • If we fail to comply with laws or regulations which regulate our business and which may change at any time, we may be fined or even lose our right to conduct some of our business.
    • If radio frequency emissions from wireless handsets or equipment on our communications infrastructure are demonstrated to cause negative health effects, potential future claims could adversely affect our operations, costs or revenues.
    • Certain provisions of our restated certificate of incorporation, amended and restated by-laws and operative agreements, and domestic and international competition laws may make it more difficult for a third party to acquire control of us or for us to acquire control of a third party, even if such a change in control would be beneficial to our stockholders.
    • We may be vulnerable to security breaches or other unforeseen events that could adversely affect our operations, business, and reputation.
    • We have concluded that certain of our previously-issued consolidated financial statements should not be relied upon and we have restated such previously-issued consolidated financial statements, which may result in loss of investor confidence, negative impact on our stock price, shareholder litigation, and certain other risks.
    • We identified one or more material weaknesses in our internal control over financial reporting. If we are unable to remediate such material weakness(es), or if we experience additional material weaknesses or other deficiencies in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately and timely report our financial results, in which case our business may be harmed, investors may lose confidence in the accuracy and completeness of our financial reports, and the stock price may decline.
    • Future dividend payments to our stockholders will reduce the availability of our cash on hand available to fund future discretionary investments, and may result in a need to incur indebtedness or issue equity securities to fund growth opportunities.  In such event, the then current economic, credit market or equity market conditions will impact the availability or cost of such financing, which may hinder our ability to grow our per share results of operations.
    • Remaining qualified to be taxed as a REIT involves highly technical and complex provisions of the U.S. Internal Revenue Code.  Failure to remain qualified as a REIT would result in our inability to deduct dividends to stockholders when computing our taxable income, which would reduce our available cash.
    • If we fail to pay scheduled dividends on our 6.875% Mandatory Convertible Preferred Stock (prior to the automatic conversion in August 2020), in cash, common stock, or any combination of cash and common stock, we will be prohibited from paying dividends on our common stock, which may jeopardize our status as a REIT.
    • Complying with REIT requirements, including the 90% distribution requirement, may limit our flexibility or cause us to forgo otherwise attractive opportunities, including certain discretionary investments and potential financing alternatives.
    • REIT related ownership limitations and transfer restrictions may prevent or restrict certain transfers of our capital stock.

    Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect our results is included in our filings with the SEC.  Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.

    As used in this release, the term "including," and any variation thereof, means "including without limitation."

    CROWN CASTLE INTERNATIONAL CORP.
    CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
    (Amounts in millions, except par values)


     December 31,
    2019
     December 31,
     2018
       (As Restated)
        
    ASSETS   
    Current assets:   
    Cash and cash equivalents$196  $277 
    Restricted cash137  131 
    Receivables, net596  501 
    Prepaid expenses(a)107  172 
    Other current assets168  148 
    Total current assets1,204  1,229 
    Deferred site rental receivables1,424  1,366 
    Property and equipment, net14,689  13,676 
    Operating lease right-of-use assets(a)6,133   
    Goodwill10,078  10,078 
    Other intangible assets, net(a)4,836  5,516 
    Long-term prepaid rent and other assets, net(a)116  920 
    Total assets$38,480  $32,785 
        
    LIABILITIES AND EQUITY   
    Current liabilities:   
    Accounts payable$334  $313 
    Accrued interest169  148 
    Deferred revenues661  591 
    Other accrued liabilities(a)361  351 
    Current maturities of debt and other obligations100  107 
    Current portion of operating lease liabilities(a)299   
    Total current liabilities1,924  1,510 
    Debt and other long-term obligations18,021  16,575 
    Operating lease liabilities(a)5,511   
    Other long-term liabilities(a)2,526  3,123 
    Total liabilities27,982  21,208 
    Commitments and contingencies   
    CCIC stockholders' equity:   
    Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: December 31, 2019—416 and December 31, 2018—4154  4 
    6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value; 20 shares authorized; shares issued and outstanding: December 31, 2019—2 and December 31, 2018—2; aggregate liquidation value: December 31, 2019—$1,650 and December 31, 2018—$1,650   
    Additional paid-in capital17,855  17,767 
    Accumulated other comprehensive income (loss)(5) (5)
    Dividends/distributions in excess of earnings(7,356) (6,189)
    Total equity10,498  11,577 
    Total liabilities and equity$38,480  $32,785 
    1. Effective January 1, 2019, we adopted new guidance on the recognition, measurement, presentation and disclosure of leases.  The new guidance requires lessees to recognize a lease liability, initially measured at the present value of the lease payments for all leases, and a corresponding right-of-use asset. The accounting for lessors remained largely unchanged from previous guidance.  As a result of the new guidance for leases, on the effective date, certain amounts related to our lessee arrangements that were previously reported separately have been de-recognized and reclassified into "Operating lease right-of-use assets" on the condensed consolidated balance sheet as of December 31, 2019.
    CROWN CASTLE INTERNATIONAL CORP.
    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
    (Amounts in millions, except per share amounts)


     Three Months Ended December 31, Twelve Months Ended December 31,
     2019 2018 2019 2018
       (As Restated)   (As Restated)
    Net revenues:       
    Site rental$1,301  $1,232  $5,098  $4,800 
    Services and other128  174  675  574 
    Net revenues1,429  1,406  5,773  5,374 
    Operating expenses:       
    Costs of operations (exclusive of depreciation, amortization and accretion):       
    Site rental367  353  1,462  1,410 
    Services and other119  135  529  434 
    Selling, general and administrative157  145  614  563 
    Asset write-down charges6  8  19  26 
    Acquisition and integration costs3  9  13  27 
    Depreciation, amortization and accretion398  390  1,574  1,528 
    Total operating expenses1,050  1,040  4,211  3,988 
    Operating income (loss)379  366  1,562  1,386 
    Interest expense and amortization of deferred financing costs(173) (164) (683) (642)
    Gains (losses) on retirement of long-term obligations    (2) (106)
    Interest income1  2  6  5 
    Other income (expense)7  1  1  1 
    Income (loss) before income taxes214  205  884  644 
    Benefit (provision) for income taxes(6) (5) (21) (19)
    Net income (loss)208  200  863  625 
    Dividends/distributions on preferred stock(28) (28) (113) (113)
    Net income (loss) attributable to CCIC common stockholders$180  $172  $750  $512 
            
    Net income (loss) attributable to CCIC common stockholders, per common share:       
    Net income (loss) attributable to CCIC common stockholders, basic$0.43  $0.41  $1.80  $1.24 
    Net income (loss) attributable to CCIC common stockholders, diluted$0.43  $0.41  $1.80  $1.23 
            
    Weighted-average common shares outstanding:       
    Basic416  415  416  413 
    Diluted418  417  418  415 


    CROWN CASTLE INTERNATIONAL CORP.
    CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
    (In millions of dollars)


     Twelve Months Ended December 31,
     2019 2018
       (As Restated)
    Cash flows from operating activities:   
    Net income (loss)$863  $625 
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:   
    Depreciation, amortization and accretion1,574  1,528 
    (Gains) losses on retirement of long-term obligations2  106 
    Amortization of deferred financing costs and other non-cash interest1  7 
    Stock-based compensation expense117  103 
    Asset write-down charges19  26 
    Deferred income tax (benefit) provision2  2 
    Other non-cash adjustments, net(2) 2 
    Changes in assets and liabilities, excluding the effects of acquisitions:   
    Increase (decrease) in liabilities291  322 
    Decrease (increase) in assets(167) (219)
    Net cash provided by (used for) operating activities2,700  2,502 
    Cash flows from investing activities:   
    Capital expenditures(2,059) (1,741)
    Payments for acquisitions, net of cash acquired(17) (42)
    Other investing activities, net(7) (12)
    Net cash provided by (used for) investing activities(2,083) (1,795)
    Cash flows from financing activities:   
    Proceeds from issuance of long-term debt1,894  2,742 
    Principal payments on debt and other long-term obligations(86) (105)
    Purchases and redemptions of long-term debt(12) (2,346)
    Borrowings under revolving credit facility2,110  1,820 
    Payments under revolving credit facility(2,660) (1,725)
    Net borrowings (repayments) under commercial paper program155   
    Payments for financing costs(24) (31)
    Net proceeds from issuance of common stock  841 
    Purchases of common stock(44) (34)
    Dividends/distributions paid on common stock(1,912) (1,782)
    Dividends/distributions paid on preferred stock(113) (113)
    Net cash provided by (used for) financing activities(692) (733)
    Net increase (decrease) in cash, cash equivalents, and restricted cash(75) (26)
    Effect of exchange rate changes on cash  (1)
    Cash, cash equivalents, and restricted cash at beginning of period413  440 
    Cash, cash equivalents, and restricted cash at end of period$338  $413 
    Supplemental disclosure of cash flow information:   
    Interest paid661  619 
    Income taxes paid16  17 


    CROWN CASTLE INTERNATIONAL CORP.
    SEGMENT OPERATING RESULTS (UNAUDITED)
    (In millions of dollars)


    SEGMENT OPERATING RESULTS
     Three Months Ended December 31, 2019 Three Months Ended December 31, 2018
             (As Restated)
     Towers Fiber Other Consolidated Total Towers Fiber Other Consolidated Total
    Segment site rental revenues$864  $437    $1,301  $821  $411    $1,232 
    Segment services and other revenues122  6    128  166  8    174 
    Segment revenues986  443    1,429  987  419    1,406 
    Segment site rental cost of operations217  141    358  207  138    345 
    Segment services and other cost of operations114  3    117  127  5    132 
    Segment cost of operations(a)(b)331  144    475  334  143    477 
    Segment site rental gross margin(c)647  296    943  614  273    887 
    Segment services and other gross margin(c)8  3    11  39  3    42 
    Segment selling, general and administrative expenses(b)23  48    71  29  47    76 
    Segment operating profit(c)632  251    883  624  229    853 
    Other selling, general and administrative expenses(b)    $65  65      $50  50 
    Stock-based compensation expense    27  27      25  25 
    Depreciation, amortization and accretion    398  398      390  390 
    Interest expense and amortization of deferred financing costs    173  173      164  164 
    Other (income) expenses to reconcile to income (loss) before income taxes(d)    6  6      19  19 
    Income (loss) before income taxes      $214        $205 
    1. Exclusive of depreciation, amortization and accretion shown separately.
    2. Segment cost of operations excludes (1) stock-based compensation expense of $6 million for both of the three months ended December 31, 2019 and 2018, and (2) prepaid lease purchase price adjustments of $5 million for both of the three months ended December 31, 2019 and 2018. Selling, general and administrative expenses exclude stock-based compensation expense of $21 million and $19 million for the three months ended December 31, 2019 and 2018, respectively.
    3. See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.
    4. See condensed consolidated statement of operations for further information.
    SEGMENT OPERATING RESULTS
     Twelve Months Ended December 31, 2019 Twelve Months Ended December 31, 2018
             (As Restated)
     Towers Fiber Other Consolidated Total Towers Fiber Other Consolidated Total
    Segment site rental revenues$3,394  $1,704    $5,098  $3,200  $1,600    $4,800 
    Segment services and other revenues658  17    675  558  16    574 
    Segment revenues4,052  1,721    5,773  3,758  1,616    5,374 
    Segment site rental cost of operations864  559    1,423  848  525    1,373 
    Segment services and other cost of operations511  11    522  415  11    426 
    Segment cost of operations(a)(b)1,375  570    1,945  1,263  536    1,799 
    Segment site rental gross margin(c)2,530  1,145    3,675  2,352  1,075    3,427 
    Segment services and other gross margin(c)147  6    153  143  5    148 
    Segment selling, general and administrative expenses(b)96  195    291  110  179    289 
    Segment operating profit(c)2,581  956    3,537  2,385  901    3,286 
    Other selling, general and administrative expenses(b)    $233  233      $191  191 
    Stock-based compensation expense    116  116      108  108 
    Depreciation, amortization and accretion    1,574  1,574      1,528  1,528 
    Interest expense and amortization of deferred financing costs    683  683      642  642 
    Other (income) expenses to reconcile to income (loss) before income taxes(d)    47  47      173  173 
    Income (loss) before income taxes      $884        $644 
    1. Exclusive of depreciation, amortization and accretion shown separately.
    2. Segment cost of operations excludes (1) stock-based compensation expense of $26 million and $25 million for the twelve months ended December 31, 2019 and 2018, respectively, and (2) prepaid lease purchase price adjustments of $20 million for both of the twelve months ended December 31, 2019 and 2018.  Selling, general and administrative expenses exclude stock-based compensation expense of $90 million and $83 million for the twelve months ended December 31, 2019 and 2018, respectively.
    3. See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" herein for a discussion of our definitions of segment site rental gross margin, segment services and other gross margin and segment operating profit.
    4. See condensed consolidated statement of operations for further information.

    Expected Impact of Restatement on Previously-Issued Financial Statements

    As a result of the identified errors described above, we will restate our financial statements for the years ended December 31, 2018 and 2017, and unaudited financial information for the quarterly and year-to-date periods in the year ended December 31, 2018 and for the first three quarters in the year ended December 31, 2019. We refer to the adjustments to correct the historical errors as "Restatement Adjustments."

    In addition to the Restatement Adjustments, we have also made other adjustments to the financial statements referenced above to correct errors which were not material, individually or in the aggregate, to our consolidated financial statements.  All such immaterial adjustments relate exclusively to our Towers segment. Collectively, we refer to the Restatement Adjustments and  immaterial adjustments as "Historical Adjustments."

    We will also restate selected historical consolidated financial and other data for the years ended December 31, 2016 and 2015 to reflect the impact of the Historical Adjustments.  Restated financial statements and selected historical consolidated financial and other data for such periods will be reflected in our Annual Report on Form 10-K for the year ended December 31, 2019, which we expect to file within the prescribed timeline for such report, including any available extension if needed to finalize the consolidated financial statements and disclosures and complete the associated audit work.

    Preliminary Restatement of Previously-Issued Annual Financial Statements

    This section summarizes the expected unaudited effects of the Company's restatement to certain of its previously-issued annual financial statements for the years ended December 31, 2017 and 2018.  "As Reported" amounts represent amounts as previously reported on the Company’s respective Annual Reports on Form 10-K.  The following tables also reflect the expected unaudited impact of the Historical Adjustments, where applicable, on each annual period below.

    Condensed Consolidated Balance Sheet

     December 31, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    LIABILITIES AND EQUITY       
    Current liabilities:       
    Deferred revenues$498  $93  $  $591 
         Total current liabilities1,417  93    1,510 
    Other long-term liabilities2,759  364    3,123 
    Total liabilities20,751  457    21,208 
    Dividends/distributions in excess of earnings(5,732) (457)   (6,189)
         Total equity12,034  (457)   11,577 
         Total liabilities and equity$32,785  $  $  $32,785 

    Condensed Consolidated Statement of Operations

     Year Ended December 31, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    Net revenues:       
    Site rental$4,716  $84  $  $4,800 
    Services and other707  (130) (3) 574 
    Net revenues5,423  (46) (3) 5,374 
    Operating expenses:       
    Costs of operations(a):       
    Services and other437    (3) 434 
    Total operating expenses3,991    (3) 3,988 
    Operating income (loss)1,432  (46)   1,386 
    Income (loss) before income taxes690  (46)   644 
    Net income (loss)671  (46)   625 
    Net income (loss) attributable to CCIC common stockholders$558  $(46) $  $512 
    Net income (loss) attributable to CCIC common stockholders, per common share:       
    Net income (loss) attributable to CCIC common stockholders - basic$1.35  $(0.11) $  $1.24 
    Net income (loss) attributable to CCIC common stockholders - diluted$1.34  $(0.11) $  $1.23 


     Year Ended December 31, 2017
     As Reported Restatement Adjustments Other Adjustments As Restated
    Net revenues:       
    Site rental$3,669  $68  $  $3,737 
    Services and other687  (135) (31) 521 
    Net revenues4,356  (67) (31) 4,258 
    Operating expenses:       
    Costs of operations(a):       
    Services and other420    (21) 399 
    Total operating expenses3,310    (21) 3,289 
    Operating income (loss)1,046  (67) (10) 969 
    Income (loss) before income taxes471  (67) (10) 394 
    Net income (loss)445  (67) (10) 368 
    Net income (loss) attributable to CCIC common stockholders$387  $(67) $(10) $310 
    Net income (loss) attributable to CCIC common stockholders, per common share:       
    Net income (loss) attributable to CCIC common stockholders - basic$1.01  $(0.17) $(0.03) $0.81 
    Net income (loss) attributable to CCIC common stockholders - diluted$1.01  $(0.17) $(0.03) $0.81 

    (a)      Exclusive of depreciation, amortization and accretion shown separately.

    Condensed Consolidated Statement of Cash Flows

     Year Ended December 31, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    Cash flows from operating activities:       
    Net income (loss)$671  $(46) $  $625 
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:       
    Increase (decrease) in liabilities276   46     322 
      Net cash provided by (used for) operating activities 2,502         2,502 
    Net increase (decrease) in cash, cash equivalents, and restricted cash(26)     (26)
    Cash, cash equivalents, and restricted cash at beginning of period440      440 
    Cash, cash equivalents, and restricted cash at end of period$413  $  $  $413 


     Year Ended December 31, 2017
     As Reported Restatement Adjustments Other Adjustments As Restated
    Cash flows from operating activities:       
    Net income (loss)$445  $(67) $(10) $368 
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:       
    Increase (decrease) in liabilities 176   67      243 
    Decrease (increase) in assets 45      10   55 
    Net cash provided by (used for) operating activities 2,043         2,043 
    Net increase (decrease) in cash, cash equivalents, and restricted cash(258)     (258)
    Cash, cash equivalents, and restricted cash at beginning of period697      697 
    Cash, cash equivalents, and restricted cash at end of period$440  $  $  $440 

    Condensed Consolidated Statement of Equity

     December 31, 2016
     As Reported Restatement Adjustments Other Adjustments As Restated
    Dividends/distributions in excess of earnings$(3,379) $(344) $10  $(3,713)
    Total stockholders' equity$7,557  $(344) $10  $7,223 
            
     December 31, 2017
     As Reported Restatement Adjustments Other Adjustments As Restated
    Dividends/distributions in excess of earnings$(4,505) $(411) $  $(4,916)
    Total stockholders' equity$12,339  $(411) $  $11,928 
            
     December 31, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    Dividends/distributions in excess of earnings$(5,732) $(457) $  $(6,189)
    Total stockholders' equity$12,034  $(457) $  $11,577 

    Preliminary Restatement of Previously-Issued Interim Unaudited Quarterly Financial Information

    The following tables represent the Company’s expected impact to previously issued unaudited quarterly financial information for each of the applicable interim periods during the nine months ended September 30, 2019 and twelve months ended December 31, 2018.  The amounts previously issued were derived from the Company’s respective Quarterly Reports on Form 10-Q, and, for the fourth quarter of 2018, from its 2018 Annual Report on Form 10-K.  The following tables also reflect the expected unaudited impact of the Historical Adjustments, where applicable, on each interim period below.

    Condensed Consolidated Balance Sheet

     September 30, 2019 June 30, 2019 March 31, 2019
     (As Restated)
    ASSETS     
    Current assets:     
    Cash and cash equivalents$182  $288  $245 
    Restricted cash138  136  158 
    Receivables, net667  591  545 
    Prepaid expenses99  111  85 
    Other current assets167  168  160 
    Total current assets1,253  1,294  1,193 
    Deferred site rental receivables1,413  1,391  1,373 
    Property and equipment, net14,416  14,151  13,883 
    Operating lease right-of-use assets6,112  6,053  5,969 
    Goodwill10,078  10,078  10,078 
    Other intangible assets, net4,968  5,074  5,178 
    Long-term prepaid rent and other assets, net104  106  104 
    Total assets$38,344  $38,147  $37,778 
    LIABILITIES AND EQUITY     
    Current liabilities:     
    Accounts payable$368  $337  $311 
    Accrued interest110  166  107 
    Deferred revenues642  611  602 
    Other accrued liabilities335  305  262 
    Current maturities of debt and other obligations100  98  96 
    Current portion of operating lease liabilities296  289  287 
    Total current liabilities1,851  1,806  1,665 
    Debt and other long-term obligations17,750  17,471  17,120 
    Operating lease liabilities5,480  5,427  5,338 
    Other long-term liabilities2,469  2,423  2,383 
    Total liabilities27,550  27,127  26,506 
    Commitments and contingencies     
    CCIC stockholders' equity:     
    Common stock, $0.01 par value4  4  4 
    6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value     
    Additional paid-in capital17,829  17,801  17,769 
    Accumulated other comprehensive income (loss)(5) (5) (5)
    Dividends/distributions in excess of earnings(7,034) (6,780) (6,496)
    Total equity10,794  11,020  11,272 
    Total liabilities and equity$38,344  $38,147  $37,778 


     September 30, 2018 June 30, 2018 March 31, 2018
     (As Restated)
    ASSETS     
    Current assets:     
    Cash and cash equivalents$323  $206  $220 
    Restricted cash125  125  120 
    Receivables, net471  455  402 
    Prepaid expenses182  197  175 
    Other current assets148  181  157 
    Total current assets1,249  1,164  1,074 
    Deferred site rental receivables1,357  1,303  1,304 
    Property and equipment, net13,433  13,218  13,051 
    Goodwill10,074  10,075  10,075 
    Other intangible assets, net5,620  5,729  5,854 
    Long-term prepaid rent and other assets, net911  885  892 
    Total assets$32,644  $32,374  $32,250 
    LIABILITIES AND EQUITY     
    Current liabilities:     
    Accounts payable$302  $272  $248 
    Accrued interest101  154  104 
    Deferred revenues572  558  543 
    Other accrued liabilities306  272  240 
    Current maturities of debt and other obligations111  112  130 
    Total current liabilities1,392  1,368  1,265 
    Debt and other long-term obligations16,313  15,844  15,616 
    Other long-term liabilities3,088  3,029  2,961 
    Total liabilities20,793  20,241  19,842 
    Commitments and contingencies     
    CCIC stockholders' equity:     
    Common stock, $0.01 par value4  4  4 
    6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value     
    Additional paid-in capital17,743  17,711  17,690 
    Accumulated other comprehensive income (loss)(5) (5) (4)
    Dividends/distributions in excess of earnings(5,891) (5,577) (5,282)
    Total equity11,851  12,133  12,408 
    Total liabilities and equity$32,644  $32,374  $32,250 

    The following tables illustrate the estimated Historical Adjustments, where applicable, on the Company’s condensed consolidated balance sheet for each period presented.  Only line items impacted by the Historical Adjustments are presented, and as such, components will not sum to totals.

     September 30, 2019
     As Reported Restatement Adjustments Other Adjustments As Restated
    LIABILITIES AND EQUITY       
    Current liabilities:       
    Deferred revenues$525  $117  $  $642 
    Total current liabilities1,734  117    1,851 
    Other long-term liabilities2,055  414    2,469 
    Total liabilities27,019  531    27,550 
    CCIC stockholders' equity:       
    Dividends/distributions in excess of earnings(6,503) (531)   (7,034)
    Total equity11,325  (531)   10,794 
    Total liabilities and equity$38,344  $  $  $38,344 


     June 30, 2019
     As Reported Restatement Adjustments Other Adjustments As Restated
    LIABILITIES AND EQUITY       
    Current liabilities:       
    Deferred revenues$503  $108  $  $611 
    Total current liabilities1,698  108    1,806 
    Other long-term liabilities2,028  395    2,423 
    Total liabilities26,624  503    27,127 
    CCIC stockholders' equity:       
    Dividends/distributions in excess of earnings(6,277) (503)   (6,780)
    Total equity11,523  (503)   11,020 
    Total liabilities and equity$38,147  $  $  $38,147 


     March 31, 2019
     As Reported Restatement Adjustments Other Adjustments As Restated
    LIABILITIES AND EQUITY       
    Current liabilities:       
    Deferred revenues$502  $100  $  $602 
    Total current liabilities1,565  100    1,665 
    Other long-term liabilities2,009  374    2,383 
    Total liabilities26,032  474    26,506 
    CCIC stockholders' equity:       
    Dividends/distributions in excess of earnings(6,022) (474)   (6,496)
    Total equity11,746  (474)   11,272 
    Total liabilities and equity$37,778  $  $  $37,778 


     September 30, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    LIABILITIES AND EQUITY       
    Current liabilities:       
    Deferred revenues$484  $88  $  $572 
    Total current liabilities1,304  88    1,392 
    Other long-term liabilities2,732  356    3,088 
    Total liabilities20,349  444    20,793 
    CCIC stockholders' equity:       
    Dividends/distributions in excess of earnings(5,447) (444)   (5,891)
    Total equity12,295  (444)   11,851 
    Total liabilities and equity$32,644  $  $  $32,644 


     June 30, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    LIABILITIES AND EQUITY       
    Current liabilities:       
    Deferred revenues$476  $82  $  $558 
    Total current liabilities1,286  82    1,368 
    Other long-term liabilities2,678  351    3,029 
    Total liabilities19,808  433    20,241 
    CCIC stockholders' equity:       
    Dividends/distributions in excess of earnings(5,144) (433)   (5,577)
    Total equity12,566  (433)   12,133 
    Total liabilities and equity$32,374  $  $  $32,374 


     March 31, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    LIABILITIES AND EQUITY       
    Current liabilities:       
    Deferred revenues$465  $78  $  $543 
    Total current liabilities1,187  78    1,265 
    Other long-term liabilities2,615  346    2,961 
    Total liabilities19,418  424    19,842 
    CCIC stockholders' equity:       
    Dividends/distributions in excess of earnings(4,858) (424)   (5,282)
    Total equity12,832  (424)   12,408 
    Total liabilities and equity$32,250  $  $  $32,250 

    Condensed Consolidated Statement of Operations

     September 30, 2019 June 30, 2019 March 31, 2019
     Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended
     (As Restated)
    Net revenues:         
    Site rental$1,289  $3,797  $1,264  $2,507  $1,243 
    Services and other197  547  185  351  166 
    Net revenues1,486  4,344  1,449  2,858  1,409 
    Operating expenses:         
    Costs of operations(a):         
    Site rental369  1,095  365  726  361 
    Services and other147  410  138  263  125 
    Selling, general and administrative150  457  155  307  152 
    Asset write-down charges2  13  6  12  6 
    Acquisition and integration costs4  10  2  6  4 
    Depreciation, amortization and accretion389  1,176  393  787  394 
    Total operating expenses1,061  3,161  1,059  2,101  1,042 
    Operating income (loss)425  1,183  390  757  367 
    Interest expense and amortization of deferred financing costs(173) (510) (169) (337) (168)
    Gains (losses) on retirement of long-term obligations  (2) (1) (2) (1)
    Interest income2  5  1  3  2 
    Other income (expense)(5) (6)   (1) (1)
    Income (loss) before income taxes249  670  221  420  199 
    Benefit (provision) for income taxes(5) (15) (4) (10) (6)
    Net income (loss)244  655  217  410  193 
    Dividends/distributions on preferred stock(28) (85) (28) (57) (28)
    Net income (loss) attributable to CCIC common stockholders$216  $570  $189  $353  $165 
    Net income (loss) attributable to CCIC common stockholders, per common share:         
    Net income (loss) attributable to CCIC common stockholders - basic$0.52  $1.37  $0.45  $0.85  $0.40 
    Net income (loss) attributable to CCIC common stockholders - diluted$0.52  $1.36  $0.45  $0.85  $0.40 
    Weighted-average common shares outstanding:         
    Basic416  416  416  415  415 
    Diluted418  418  418  417  417 
    1. Exclusive of depreciation, amortization and accretion shown separately.
     December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018
     Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended
     (As Restated)
    Net revenues:           
    Site rental$1,232  $1,206  $3,568  $1,189  $2,362  $1,172 
    Services and other174  157  400  131  244  113 
    Net revenues1,406  1,363  3,968  1,320  2,606  1,285 
    Operating expenses:           
    Costs of operations(a):           
    Site rental353  355  1,057  355  702  347 
    Services and other135  118  301  98  183  85 
    Selling, general and administrative145  145  418  138  273  134 
    Asset write-down charges8  8  18  6  9  3 
    Acquisition and integration costs9  4  18  8  14  6 
    Depreciation, amortization and accretion390  385  1,138  379  753  374 
    Total operating expenses1,040  1,015  2,950  984  1,934  949 
    Operating income (loss)366  348  1,018  336  672  336 
    Interest expense and amortization of deferred financing costs(164) (160) (478) (158) (318) (160)
    Gains (losses) on retirement of long-term obligations  (32) (106) (3) (74) (71)
    Interest income2  1  4  1  2  1 
    Other income (expense)1  1      (1) (1)
    Income (loss) before income taxes205  158  438  176  281  105 
    Benefit (provision) for income taxes(5) (5) (13) (5) (9) (4)
    Net income (loss)200  153  425  171  272  101 
    Dividends/distributions on preferred stock(28) (28) (85) (28) (57) (28)
    Net income (loss) attributable to CCIC common stockholders$172  $125  $340  $143  $215  $73 
    Net income (loss) attributable to CCIC common stockholders, per common share:           
    Net income (loss) attributable to CCIC common stockholders -  basic$0.41  $0.30  $0.82  $0.34  $0.52  $0.18 
    Net income (loss) attributable to CCIC common stockholders -  diluted$0.41  $0.30  $0.82  $0.34  $0.52  $0.18 
    Weighted-average common shares outstanding:           
    Basic415  415  413  415  412  409 
    Diluted417  416  414  416  413  410 
    1. Exclusive of depreciation, amortization and accretion shown separately.

    The following tables illustrate the estimated Historical Adjustments, where applicable, on the Company’s condensed consolidated statement of operations and comprehensive income (loss) for each period presented.  Only line items impacted by the Historical Adjustments are presented, and as such, components will not sum to totals.

     Nine Months Ended September 30, 2019
     As Reported Restatement Adjustments Other Adjustments As Restated
    Net revenues:       
    Site rental$3,718  $79  $  $3,797 
    Services and other700  (153)   547 
    Net revenues4,418  (74)   4,344 
    Operating income (loss)1,257  (74)   1,183 
    Income (loss) before income taxes744  (74)   670 
    Net income (loss)729  (74)   655 
    Net income (loss) attributable to CCIC common stockholders$644  $(74) $  $570 
    Net income (loss) attributable to CCIC common stockholders, per common share:       
    Net income (loss) attributable to CCIC common stockholders - basic$1.55  $(0.18) $  $1.37 
    Net income (loss) attributable to CCIC common stockholders - diluted$1.54  $(0.18) $  $1.36 


     Three Months Ended September 30, 2019
     As Reported Restatement Adjustments Other Adjustments As Restated
    Net revenues:       
    Site rental$1,260  $29  $  $1,289 
    Services and other254  (57)   197 
    Net revenues1,514  (28)   1,486 
    Operating income (loss)453  (28)   425 
    Income (loss) before income taxes277  (28)   249 
    Net income (loss)272  (28)   244 
    Net income (loss) attributable to CCIC common stockholders$244  $(28) $  $216 
    Net income (loss) attributable to CCIC common stockholders, per common share:       
    Net income (loss) attributable to CCIC common stockholders - basic$0.59  $(0.07) $  $0.52 
    Net income (loss) attributable to CCIC common stockholders - diluted$0.58  $(0.06) $  $0.52 

    (a)      Exclusive of depreciation, amortization and accretion shown separately.

     Six Months Ended June 30, 2019
     As Reported Restatement Adjustments Other Adjustments As Restated
    Net revenues:       
    Site rental$2,457  $50  $  $2,507 
    Services and other447  (96)   351 
    Net revenues2,904  (46)   2,858 
    Operating income (loss)803  (46)   757 
    Income (loss) before income taxes466  (46)   420 
    Net income (loss)456  (46)   410 
    Net income (loss) attributable to CCIC common stockholders$399  $(46) $  $353 
    Net income (loss) attributable to CCIC common stockholders, per common share:       
    Net income (loss) attributable to CCIC common stockholders - basic$0.96  $(0.11) $  $0.85 
    Net income (loss) attributable to CCIC common stockholders - diluted$0.95  $(0.10) $  $0.85 


     Three Months Ended June 30, 2019
     As Reported Restatement Adjustments Other Adjustments As Restated
    Net revenues:       
    Site rental$1,238  $26  $  $1,264 
    Services and other240  (55)   185 
    Net revenues1,478  (29)   1,449 
    Operating income (loss)419  (29)   390 
    Income (loss) before income taxes250  (29)   221 
    Net income (loss)246  (29)   217 
    Net income (loss) attributable to CCIC common stockholders$218  $(29) $  $189 
    Net income (loss) attributable to CCIC common stockholders, per common share:       
    Net income (loss) attributable to CCIC common stockholders - basic$0.52  $(0.07) $  $0.45 
    Net income (loss) attributable to CCIC common stockholders - diluted$0.52  $(0.07) $  $0.45 


     Three Months Ended March 31, 2019
     As Reported Restatement Adjustments Other Adjustments As Restated
    Net revenues:       
    Site rental$1,219  $24  $  $1,243 
    Services and other207  (41)   166 
    Net revenues1,426  (17)   1,409 
    Operating income (loss)384  (17)   367 
    Income (loss) before income taxes216  (17)   199 
    Net income (loss)210  (17)   193 
    Net income (loss) attributable to CCIC common stockholders$182  $(17) $  $165 
    Net income (loss) attributable to CCIC common stockholders, per common share:       
    Net income (loss) attributable to CCIC common stockholders - basic$0.44  $(0.04) $  $0.40 
    Net income (loss) attributable to CCIC common stockholders - diluted$0.44  $(0.04) $  $0.40 

    (a)      Exclusive of depreciation, amortization and accretion shown separately.

     Three Months Ended December 31, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    Net revenues:       
    Site rental$1,209  $23  $  $1,232 
    Services and other210  (36)   174 
    Net revenues1,419  (13)   1,406 
    Operating income (loss)379  (13)   366 
    Income (loss) before income taxes218  (13)   205 
    Net income (loss)213  (13)   200 
    Net income (loss) attributable to CCIC common stockholders$185  $(13) $  $172 
    Net income (loss) attributable to CCIC common stockholders, per common share:       
    Net income (loss) attributable to CCIC common stockholders - basic$0.45  $(0.04) $  $0.41 
    Net income (loss) attributable to CCIC common stockholders - diluted$0.44  $(0.03) $  $0.41 


     Nine Months Ended September 30, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    Net revenues:       
    Site rental$3,507  $61  $  $3,568 
    Services and other497  (94) (3) 400 
    Net revenues4,004  (33) (3) 3,968 
    Operating expenses:       
    Costs of operations(a):       
    Services and other304    (3) 301 
    Total operating expenses2,953    (3) 2,950 
    Operating income (loss)1,051  (33)   1,018 
    Income (loss) before income taxes471  (33)   438 
    Net income (loss)458  (33)   425 
    Net income (loss) attributable to CCIC common stockholders$373  $(33) $  $340 
    Net income (loss) attributable to CCIC common stockholders, per common share:       
    Net income (loss) attributable to CCIC common stockholders - basic$0.90  $(0.08) $  $0.82 
    Net income (loss) attributable to CCIC common stockholders - diluted$0.90  $(0.08) $  $0.82 

    (a)      Exclusive of depreciation, amortization and accretion shown separately.

     Three Months Ended September 30, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    Net revenues:       
    Site rental$1,184  $22  $  $1,206 
    Services and other191  (33) (1) 157 
    Net revenues1,375  (11) (1) 1,363 
    Operating expenses:       
    Costs of operations(a):       
    Services and other119    (1) 118 
    Total operating expenses1,016    (1) 1,015 
    Operating income (loss)359  (11)   348 
    Income (loss) before income taxes169  (11)   158 
    Net income (loss)164  (11)   153 
    Net income (loss) attributable to CCIC common stockholders$136  $(11) $  $125 
    Net income (loss) attributable to CCIC common stockholders, per common share:       
    Net income (loss) attributable to CCIC common stockholders - basic$0.33  $(0.03) $  $0.30 
    Net income (loss) attributable to CCIC common stockholders - diluted$0.33  $(0.03) $  $0.30 


     Six Months Ended June 30, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    Net revenues:       
    Site rental$2,323  $39  $  $2,362 
    Services and other307  (61) (2) 244 
    Net revenues2,630  (22) (2) 2,606 
    Operating expenses:       
    Costs of operations(a):       
    Services and other185    (2) 183 
    Total operating expenses1,936    (2) 1,934 
    Operating income (loss)694  (22)   672 
    Income (loss) before income taxes303  (22)   281 
    Net income (loss)294  (22)   272 
    Net income (loss) attributable to CCIC common stockholders$237  $(22) $  $215 
    Net income (loss) attributable to CCIC common stockholders, per common share:       
    Net income (loss) attributable to CCIC common stockholders - basic$0.58  $(0.06) $  $0.52 
    Net income (loss) attributable to CCIC common stockholders - diluted$0.57  $(0.05) $  $0.52 

    (a)      Exclusive of depreciation, amortization and accretion shown separately.

     Three Months Ended June 30, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    Net revenues:       
    Site rental$1,169  $20  $  $1,189 
    Services and other161  (29) (1) 131 
    Net revenues1,330  (9) (1) 1,320 
    Operating expenses:       
    Costs of operations(a):       
    Services and other99    (1) 98 
    Total operating expenses985    (1) 984 
    Operating income (loss)345  (9)   336 
    Income (loss) before income taxes185  (9)   176 
    Net income (loss)180  (9)   171 
    Net income (loss) attributable to CCIC common stockholders$152  $(9) $  $143 
    Net income (loss) attributable to CCIC common stockholders, per common share:       
    Net income (loss) attributable to CCIC common stockholders - basic$0.37  $(0.03) $  $0.34 
    Net income (loss) attributable to CCIC common stockholders - diluted$0.36  $(0.02) $  $0.34 


     Three Months Ended March 31, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    Net revenues:       
    Site rental$1,153  $19  $  $1,172 
    Services and other146  (32) (1) 113 
    Net revenues1,299  (13) (1) 1,285 
    Operating expenses:       
    Costs of operations(a):       
    Services and other86    (1) 85 
    Total operating expenses950    (1) 949 
    Operating income (loss)349  (13)   336 
    Income (loss) before income taxes118  (13)   105 
    Net income (loss)114  (13)   101 
    Net income (loss) attributable to CCIC common stockholders$86  $(13) $  $73 
    Net income (loss) attributable to CCIC common stockholders, per common share:       
    Net income (loss) attributable to CCIC common stockholders - basic$0.21  $(0.03) $  $0.18 
    Net income (loss) attributable to CCIC common stockholders - diluted$0.21  $(0.03) $  $0.18 
    1. Exclusive of depreciation, amortization and accretion shown separately.

    Condensed Consolidated Statement of Cash Flows

     September 30, 2019 June 30, 2019 March 31, 2019
     Nine Months Ended Six Months Ended Three Months Ended
     (As Restated)
    Cash flows from operating activities:     
    Net income (loss)$655  $410  $193 
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:     
    Depreciation, amortization and accretion1,176  787  394 
    (Gains) losses on retirement of long-term obligations2  2  1 
    Amortization of deferred financing costs and other non-cash interest1  1  1 
    Stock-based compensation expense91  62  29 
    Asset write-down charges13  12  6 
    Deferred income tax (benefit) provision2  1  1 
    Other non-cash adjustments, net4  3  2 
    Changes in assets and liabilities, excluding the effects of acquisitions:     
    Increase (decrease) in liabilities175  100  (53)
    Decrease (increase) in assets(228) (151) (62)
    Net cash provided by (used for) operating activities1,891  1,227  512 
    Cash flows from investing activities:     
    Capital expenditures(1,538) (998) (480)
    Payments for acquisitions, net of cash acquired(15) (13) (10)
    Other investing activities, net3  1  1 
    Net cash provided by (used for) investing activities(1,550) (1,010) (489)
    Cash flows from financing activities:     
    Proceeds from issuance of long-term debt1,895  995  996 
    Principal payments on debt and other long-term obligations(59) (36) (25)
    Purchases and redemptions of long-term debt(12) (12) (12)
    Borrowings under revolving credit facility1,585  1,195  710 
    Payments under revolving credit facility(2,270) (1,785) (1,140)
    Net issuances (repayments) under commercial paper program  500   
    Payments for financing costs(24) (14) (10)
    Purchases of common stock(44) (43) (42)
    Dividends/distributions paid on common stock(1,415) (944) (477)
    Dividends/distributions paid on preferred stock(85) (57) (28)
    Net cash provided by (used for) financing activities(429) (201) (28)
    Net increase (decrease) in cash, cash equivalents, and restricted cash(88) 16  (5)
    Effect of exchange rate changes on cash     
    Cash, cash equivalents, and restricted cash at beginning of period413  413  413 
    Cash, cash equivalents, and restricted cash at end of period$325  $429  $408 


     September 30, 2018 June 30, 2018 March 31, 2018
     Nine Months Ended Six Months Ended Three Months Ended
     (As Restated)
    Cash flows from operating activities:     
    Net income (loss)$425  $272  $101 
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:     
    Depreciation, amortization and accretion1,138  753  374 
    (Gains) losses on retirement of long-term obligations106  74  71 
    Amortization of deferred financing costs and other non-cash interest5  4  2 
    Stock-based compensation expense79  47  23 
    Asset write-down charges18  9  3 
    Deferred income tax (benefit) provision2  1  1 
    Other non-cash adjustments, net2  1  2 
    Changes in assets and liabilities, excluding the effects of acquisitions:     
    Increase (decrease) in liabilities177  100  (77)
    Decrease (increase) in assets(177) (150) (48)
    Net cash provided by (used for) operating activities1,775  1,111  452 
    Cash flows from investing activities:     
    Capital expenditures(1,241) (763) (370)
    Payments for acquisitions, net of cash acquired(26) (18) (14)
    Other investing activities, net(14) 3   
    Net cash provided by (used for) investing activities(1,281) (778) (384)
    Cash flows from financing activities:     
    Proceeds from issuance of long-term debt2,743  1,743  1,743 
    Principal payments on debt and other long-term obligations(76) (47) (32)
    Purchases and redemptions of long-term debt(2,346) (1,318) (1,318)
    Borrowings under revolving credit facility1,290  485  170 
    Payments under revolving credit facility(1,465) (1,150) (1,050)
    Payments for financing costs(33) (20) (15)
    Net proceeds from issuance of common stock841  841  843 
    Purchases of common stock(34) (34) (33)
    Dividends/distributions paid on common stock(1,315) (879) (443)
    Dividends/distributions paid on preferred stock(85) (57) (28)
    Net cash provided by (used for) financing activities(480) (436) (163)
    Net increase (decrease) in cash, cash equivalents, and restricted cash14  (103) (95)
    Effect of exchange rate changes on cash(1) (1)  
    Cash, cash equivalents, and restricted cash at beginning of period440  440  440 
    Cash, cash equivalents, and restricted cash at end of period$453  $336  $345 

    The following tables illustrate the estimated Historical Adjustments, where applicable, on the Company’s condensed consolidated statement of cash flows for each period.  Only line items impacted by the Historical Adjustments are presented, and as such, components will not sum to totals.

     Nine Months Ended September 30, 2019
     As Reported Restatement Adjustments Other Adjustments As Restated
    Cash flows from operating activities:       
    Net income (loss)$729  $(74) $  $655 
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:       
    Increase (decrease) in liabilities101  74    175 
    Net cash provided by (used for) operating activities1,891      1,891 
    Net increase (decrease) in cash, cash equivalents, and restricted cash(88)     (88)
    Cash, cash equivalents, and restricted cash at beginning of period413      413 
    Cash, cash equivalents, and restricted cash at end of period$325  $  $  $325 


     Six Months Ended June 30, 2019
     As Reported Restatement Adjustments Other Adjustments As Restated
    Cash flows from operating activities:       
    Net income (loss)$456  $(46) $  $410 
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:       
    Increase (decrease) in liabilities54  46    100 
    Net cash provided by (used for) operating activities1,227      1,227 
    Net increase (decrease) in cash, cash equivalents, and restricted cash16      16 
    Cash, cash equivalents, and restricted cash at beginning of period413      413 
    Cash, cash equivalents, and restricted cash at end of period$429  $  $  $429 


     Three Months Ended March 31, 2019
     As Reported Restatement Adjustments Other Adjustments As Restated
    Cash flows from operating activities:       
    Net income (loss)$210  $(17) $  $193 
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:       
    Increase (decrease) in liabilities(70) 17    (53)
    Net cash provided by (used for) operating activities512      512 
    Net increase (decrease) in cash, cash equivalents, and restricted cash(5)     (5)
    Cash, cash equivalents, and restricted cash at beginning of period413      413 
    Cash, cash equivalents, and restricted cash at end of period$408  $  $  $408 


     Nine Months Ended September 30, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    Cash flows from operating activities:       
    Net income (loss)$458  $(33) $  $425 
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:       
    Increase (decrease) in liabilities144  33    177 
    Net cash provided by (used for) operating activities1,775      1,775 
    Net increase (decrease) in cash, cash equivalents, and restricted cash14      14 
    Cash, cash equivalents, and restricted cash at beginning of period440      440 
    Cash, cash equivalents, and restricted cash at end of period$453  $  $  $453 


     Six Months Ended June 30, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    Cash flows from operating activities:       
    Net income (loss)$294  $(22) $  $272 
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:       
    Increase (decrease) in liabilities78  22    100 
    Net cash provided by (used for) operating activities1,111      1,111 
    Net increase (decrease) in cash, cash equivalents, and restricted cash(103)     (103)
    Cash, cash equivalents, and restricted cash at beginning of period440      440 
    Cash, cash equivalents, and restricted cash at end of period$336  $  $  $336 


     Three Months Ended March 31, 2018
     As Reported Restatement Adjustments Other Adjustments As Restated
    Cash flows from operating activities:       
    Net income (loss)$114  $(13) $  $101 
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:       
    Increase (decrease) in liabilities(90) 13    (77)
    Net cash provided by (used for) operating activities452      452 
    Net increase (decrease) in cash, cash equivalents, and restricted cash(95)     (95)
    Cash, cash equivalents, and restricted cash at beginning of period440      440 
    Cash, cash equivalents, and restricted cash at end of period$345  $  $  $345 

    Impact of Restatement on Selected Financial Data

     Years Ended December 31,
    (In millions of dollars, except per share amounts)2019 2018 2017 2016 2015
       As Restated
    Statement of Operations Data(a)(c):         
    Net revenues:         
    Site rental$5,098  $4,800  $3,737  $3,286  $3,058 
    Services and other675  574  521  566  534 
    Net revenues5,773  5,374  4,258  3,852  3,592 
    Operating expenses:         
    Costs of operations(b):         
    Site rental1,462  1,410  1,144  1,024  964 
    Services and other529  434  399  397  355 
    Total costs of operations1,991  1,844  1,543  1,421  1,319 
    Selling, general and administrative614  563  426  371  310 
    Asset write-down charges19  26  17  34  33 
    Acquisition and integration costs13  27  61  17  16 
    Depreciation, amortization and accretion1,574  1,528  1,242  1,109  1,036 
    Operating income (loss)1,562  1,386  969  900  878 
    Interest expense and amortization of deferred financing costs(683) (642) (591) (515) (527)
    Gains (losses) on retirement of long-term obligations(2) (106) (4) (52) (4)
    Interest income6  5  19  1  2 
    Other income (expense)1  1  1  (9) 57 
    Income (loss) from continuing operations before income taxes884  644  394  325  406 
    Benefit (provision) for income taxes(21) (19) (26) (17) 51 
    Income (loss) from continuing operations863  625  368  308  457 
    Discontinued operations:         
    Income (loss) from discontinued operations, net of tax        20 
    Net gain (loss) from disposal of discontinued operations, net of tax        979 
    Income (loss) from discontinued operations, net of tax        999 
    Net income (loss)863  625  368  308  1,456 
    Less: Net income (loss) attributable to the noncontrolling interest        3 
    Net income (loss) attributable to CCIC stockholders863  625  368  308  1,453 
    Dividends/distributions on preferred stock(113) (113) (58) (33) (44)
    Net income (loss) attributable to CCIC common stockholders$750  $512  $310  $275  $1,409 
    Income (loss) from continuing operations attributable to CCIC common stockholders, per common share - basic$1.80  $1.24  $0.81  $0.81  $1.24 
    Income (loss) from continuing operations attributable to CCIC common stockholders, per common share - diluted$1.80  $1.23  $0.81  $0.81  $1.24 
    Weighted-average common shares outstanding (in millions):         
    Basic416  413  382  340  333 
    Diluted418  415  383  341  334 


    Other Data(a)(c):         
    Summary cash flow information:         
    Net cash provided by (used for) operating activities$2,700  $2,502  $2,043  $1,787  $1,790 
    Net cash provided by (used for) investing activities(2,083) (1,795) (10,493) (1,429) (1,956)
    Net cash provided by (used for) financing activities(692) (733) 8,192  (89) (952)
    Balance Sheet Data (at period end)(a)(c):