{
  "docId": "019dd923-622c-750b-8b9c-80e6d77f0276",
  "docSlug": "14f44cdb0575",
  "documentTitle": "Crown Castle International Corp. (CCI)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-07-06 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.4444444,
  "pageNumber": 15,
  "pageCount": 67,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "Includes a quote from MoffettNathanson and data comparing the 'Big Three' tower companies to the S&P 500.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bar_chart_stacked",
    "bar_chart_horizontal",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-80e6d77f0276/15",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-80e6d77f0276",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-80e6d77f0276.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-80e6d77f0276#slide-15",
  "components": [
    {
      "bbox": {
        "h": 0.4,
        "w": 0.4,
        "x": 0.55,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Tower Industry vs. S&P 500",
      "attrs": null,
      "subkind": "bar-horizontal",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8008bbaf-385d-4ad3-a34c-578a7535b145",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.45,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Cumulative Market Cap of Big Three ($B)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb026667-54e8-4284-b43b-88326c54a6e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "CAGR: 18%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-92a2-4959058a4899",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "The independent tower industry has thrived over the last two decades as shared telecom infrastructure has become universal in the U.S. wireless industry, generating tremendous equity value creation for the “Big Three,” with equity returns well above market indices",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bbad364e-7301-4114-a0ba-9ee800317ef0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.8,
        "x": 0.05,
        "y": 0.72
      },
      "kind": "quote",
      "text": "Tower leasing is commonly described as one of the best business models out there for a reason: it’s one of the best business models out there.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "284f37a5-37fa-4a69-a6eb-c91ffd9368ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Tower leasing is commonly described as one of the best business models out there for a reason: it’s one of the best business models out there.\" — MoffettNathanson, May 2019",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-92a2-477e0735406f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Market data from Bloomberg and CapitalIQ as of June 29, 2020.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4de85435-2794-4788-8bb2-fcfbbc715f5d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.06
      },
      "kind": "title",
      "text": "Tower Industry's Remarkable Equity Value Creation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "de828e9f-0901-471f-8381-12d2bef494ba",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Aesthetic-Usability Effect",
      "slug": "aesthetic-usability-effect",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "8a9c2142-c2a7-4224-b446-3b4ac8f636db",
      "evidence": "chart/bar-stacked: Cumulative Market Cap of Big Three ($B)",
      "confidence": 0.5
    },
    {
      "name": "Chartjunk Elimination",
      "slug": "chartjunk-elimination",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "ed13a7fe-c553-452d-8546-82fd8b864f82",
      "evidence": "Cumulative Market Cap of Big Three ($B)",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 38,
      "from": 11,
      "beatId": "c051c5c5-ece4-46e8-bf57-9a7cbd17ebc3",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "Slides 11-38 highlight the issues with Crown Castle's fiber business strategy",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 18,
      "from": 10,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "1b02ef28-0a46-48fc-881b-3b6db46201b5",
      "evidence": "Slides 10-18 present a before-and-after comparison of Crown Castle's potential",
      "position": 1,
      "objective": "Show the potential for improvement",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.7,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}