Crown Castle Inc at RBC Capital Markets Global Communications Infrastructure Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : So you go a long way back and have an interesting perspective as both a Board member more recently, CFO, but also having had important roles at T-Mobile and Lumen and going way back, other start-ups like Looking Glass Networks. But interested in just perspectives, given recent announcements and let's start with the AT&T purchase of Spectrum from EchoStar from a couple of weeks back. And just kind of any thoughts on how that affects mobile infrastructure usage, and kind of spending as well as maybe how it might affect Crown specifically?

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : So not to get too technical, but we'll talk about AT&T, EchoStar, which we just chatted about a little bit. And then later on, I want to get a little bit into SpaceX, which is the more recent headline. But maybe taking a step back, there's been some management changes. There's some corporate events around divestitures of small cells and fiber. Tell us about the new CEO. I think this might be his second day on the job.

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : So strategy seems clear, the decks were cleared before he was selected. So is this role mainly around execution and delivery? Or are there other types of directions that we could see Crown going into as a pure-play mobile infrastructure company?

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : And then just looking to the most recent quarter and current operating trends in your tower business, maybe just kind of refresh us on where we are on things like organic tenant billings growth, churn and what types of activity levels are starting to ramp or decelerate for that matter?

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : And any kind of trends you're seeing around data growth, 5G use cases, AI, FWA that kind of inform your view around either this year's guide or obviously, you haven't communicated it, but how you're thinking internally about the medium term?

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : So on the regulatory side, you have had former FCC commissioners on your Board and whether it's things like shot clock, other kind of procedural issues that might affect colocation cycle time, approvals, permitting, auction authority. But just kind of broad brush, how do you see the federal -- and if there's any states to kind of point out as well but maybe primarily the federal level regulatory environments as it impacts towers?

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : So we get to maybe private spectrum transfers shortly with SpaceX, but thinking about future auctions, what is it that you are sort of seeing as being potentially most impactful as it might pertain to more infrastructure being put on your sites? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 17, 2025 / 2:30PM, CCI.N - Crown Castle Inc at RBC Capital Markets Global Communications Infrastructure Conference

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : So you did mention you charge based on the space occupied on your towers, and that kind of leads me to the topic of master lease agreements, specifically kind of the holistic style. So you got paid by the drink, the more you touch the tower, the more you pay and then holistic, where it's a little bit more kind of prearranged. And maybe you can kind of set the stage in terms of your philosophy that has informed you under the existing MLAs that exist? And then maybe going forward, perhaps under new management now as a soon to be pure-play tower company, how your thoughts on MLAs might differ?

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : Can you maybe drill down a little bit on just sort of lease expirations, whether it's MLA driven or not, but what are kind of the years going forward that you've talked about around kind of peak exposure to that topic? And the reason I ask is just related to the AT&T, EchoStar transaction where they've talked about decommissioning sites, which involves not paying for backhaul and not paying for electricity, can they also not pay tower rents?

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : So it was a five-year deal at the time of signing more or less at the end of 2020, as I recall?

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : 2036, I'm sorry. Yeah, 15 years. So maybe quick words on capital allocation, buying back stock versus other types of priorities, dividends? Yeah.

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : Since you reported, and you were the first tower company report, there's been some kind of growing awareness of one of the carriers engaged in kind of high rent relocation. And I'm just wondering, is that something that you think you would be exposed to? Or are you protected by MLAs? Or are you not necessarily the target for that sort of effort?

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : And then maybe just the last couple of minutes talking about the second kind of big spectrum transaction involving SpaceX. We had a panel yesterday where there was kind of more of a technical discussion about the viability and use case for that sort of model. But any thoughts whether it's the economics of it or the business case.