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  "documentTitle": "Crown Castle International Corp. (CCI)",
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  "notes": "The chart illustrates a capital allocation framework for fiber networks, categorizing spend into Churn Replacement, Harvest, and Expansion.",
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      "text": "Discretionary fiber capex is discretionary and driven by success-based projects with customers. Fiber providers can choose which projects to pursue and which projects to dismiss. Fiber businesses are attractive because “maintenance” or “sustaining” capex is relatively limited, and the majority of capex is driven by discretionary capex. As the chart on the right demonstrates, revenue growth can be calibrated to the amount of capex spent: More revenue growth requires more capex.",
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      "text": "As an important example, we can look to how Lightower thought about its business and the interplay between revenue growth, capex and capex revenue ROI",
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      "text": "Source: Lightower public conference presentation.",
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      "text": "1. ROI-Focused Fiber Capex",
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