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  "documentTitle": "Crown Castle International Corp. (CCI)",
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  "presentationDate": "2020-07-06 00:00:00",
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  "notes": "The slide uses a purple bar for Crown Castle to visually distinguish it from the grey bars of its peers.",
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      "kind": "callout",
      "text": "Crown Castle's tower business has been an \"enabler\" for excessive fiber capex. Peers chose to exercise much greater prudence in allocating capital and ensure that fiber projects earned returns",
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      "text": "Crown Castle’s tower business has been an “enabler” for excessive fiber capex. Peers chose to exercise much greater prudence in allocating capital and ensure that fiber projects earned returns",
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      "text": "Capex % of EBITDA",
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      "text": "Fiber businesses can be far more capital efficient than Crown Castle. In fact, Crown Castle is spending approximately 2x more fiber capex than industry peers",
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      "text": "Source: Company public filings. 1. As of LTM March 31, 2020 except for companies acquired, which reflect LTM period in the final quarter prior to acquisition, except Lightower which reflects FY2016.",
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      "text": "Crown Castle's Fiber Capex Is An Outlier Within the Fiber Industry",
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