{
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  "docSlug": "1861656eaa18",
  "documentTitle": "Crown Castle International Corp. (CCI)",
  "authorId": "11_Corvex",
  "authorName": "Corvex Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-10-14 00:00:00",
  "orientation": "portrait",
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  "pageNumber": 13,
  "pageCount": 44,
  "prevPage": 12,
  "nextPage": 14,
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  "density": "dense",
  "nDataPoints": 4,
  "notes": "Uses a CFO quote to frame the company's current strategy before providing a rebuttal.",
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  "components": [
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      "kind": "callout",
      "text": "We believe CCI should embrace its previously communicated payout structure now rather than artificially deferring it to 2018-2020 – don't wait to get where the Company is eventually going",
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      "text": "We believe CCI should embrace its previously communicated payout structure now rather than artificially deferring it to 2018-2020 – don't wait to get where the Company is eventually going",
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      "kind": "list",
      "text": "Go on offensive with equity currency trading at higher multiple – return capital and accelerate long-term growth investments at the same time",
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      "kind": "list",
      "text": "CCI's payout structure should not hinder growth investments – logic around using NOLs to drive growth or pre-tax returns appears hazy to us – true purpose of using NOLs today appears to be artificially depressing the dividend",
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      "kind": "quote",
      "text": "As we discussed previously, over the next five years we expect to increase our dividend per share by at least 15% annually... Chief Financial Officer Jay Brown, 2Q14 Earnings Call",
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      "kind": "quote",
      "text": "\"As we discussed previously, over the next five years we expect to increase our dividend per share by at least 15% annually. We currently have a net operating loss balance, or NOL, of approximately $2 billion, which we would expect to utilize prior to 2020. We expect that once the NOLs are exhausted, our dividend payout as a percentage of AFFO will increase from the approximately 30% today to something in the area of 70% to 80%, which implies a compound annual growth rate of our dividend in excess of 20% over this period of time. Currently, we are utilizing the flexibility afforded by the NOLs to make accretive, long-term discretionary investments. These discretionary investments may include acquisitions, the construction of new sites including small cell networks, land purchases and the purchase of our own securities. When considering these investments, we evaluate each opportunity based on our goal of maximizing our long-term dividend and AFFO per share ...\" — Chief Financial Officer Jay Brown, 2Q14 Earnings Call",
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      "kind": "title",
      "text": "Embrace Future Today",
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  "frameworks": [
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      "evidence": "Uses a direct quote from the CFO to highlight a strategic inconsistency or opportunity for improvement.",
      "confidence": 0.9
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      "evidence": "The document presents a comparison of Crown Castle's strategy with industry peers",
      "position": 0,
      "objective": "To identify patterns in Crown Castle's capital allocation and dividend policy",
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