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Crown Castle International Reports First Quarter 2013 Results; Raises 2013 Outlook

Stocks in this article: CCI

Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures:

Adjusted EBITDA for the three months ended March 31, 2013 and 2012 is computed as follows:

   
  For the Three Months Ended
  March 31, 2013 March 31, 2012
(in millions)    
Net income (loss) $16.7 $50.3
Adjustments to increase (decrease) net income (loss):    
Asset write-down charges 3.7 3.0
Acquisition and integration costs 1.6 1.7
Depreciation, amortization and accretion 186.5 139.4
Amortization of prepaid lease purchase price adjustments 3.9 2.6
Interest expense and amortization of deferred financing costs 164.4 137.5
Gains (losses) on retirement of long-term obligations 35.9 7.1
Interest income (0.3) (0.4)
Other income (expense) 0.6 1.1
Benefit (provision) for income taxes 17.7 6.7
Stock-based compensation expense 10.1 11.2
Adjusted EBITDA $440.8 $360.1

Adjusted EBITDA for the quarter ending June 30, 2013 and the year ending December 31, 2013 is forecasted as follows:

     
  Q2 2013 Full Year 2013
(in millions) Outlook Outlook
Net income (loss) $23 to $63 $102 to $198
Adjustments to increase (decrease) net income (loss):    
Asset write-down charges $4 to $6 $14 to $24
Acquisition and integration costs $2 to $6 $6 to $16
Depreciation, amortization and accretion $185 to $190 $737 to $757
Amortization of prepaid lease purchase price adjustments $3 to $5 $14 to $16
Interest expense and amortization of deferred financing costs (a) $138 to $143 $584 to $594
Gains (losses) on retirement of long-term obligations $0 to $0 $36 to $36
Interest income $(1) to $1 $(2) to $0
Other income (expense) $0 to $2 $2 to $4
Benefit (provision) for income taxes $28 to $39 $103 to $128
Stock-based compensation expense $9 to $11 $40 to $45
Adjusted EBITDA $426 to $431 $1,722 to $1,732

(a)    See the reconciliation of "Components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.

FFO and AFFO for the quarter ending June 30, 2013 and the year ending December 31, 2013 is forecasted as follows:

     
  Q2 2013 Full Year 2013
(in millions) Outlook Outlook
Net income $23 to $63 $102 to $198
Adjusted tax provision (a) $26 to $37 $97 to $122
Real estate related depreciation, amortization and accretion $181 to $184 $719 to $734
FFO $255 to $260 $982 to $992
     
FFO (from above) $255 to $260 $982 to $992
Straight-line revenue (b) $(40) to $(35) $(141) to $(126)
Straight-line expense $19 to $24 $76 to $91
Stock-based compensation expense $9 to $11 $40 to $45
Non-real estate related depreciation, amortization and accretion $4 to $6 $18 to $23
Amortization of deferred financing costs, debt discounts and interest rate swaps $19 to $23 $94 to $105
Other (income) expense $0 to $2 $2 to $4
Gains (losses) on retirement of long-term obligations $0 to $0 $36 to $36
Acquisition and integration costs $2 to $6 $6 to $16
Asset write-down charges $4 to $6 $14 to $24
Capital improvement capital expenditures $(6) to $(4) $(22) to $(20)
Corporate capital expenditures $(6) to $(4) $(16) to $(14)
AFFO $274 to $279 $1,126 to $1,136

(a)    Adjusts the income tax provision to reflect our estimate of the cash taxes had we been a REIT, which predominately relates to foreign taxes paid. As a result, income tax expense (benefit) is lower by the amount of the adjustment.

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