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  "documentTitle": "Crown Castle International Corp. (CCI)",
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  "notes": "The chart illustrates three categories of fiber projects: Churn Replacement, Harvest, and Expansion, showing how yield decreases as annual growth rate increases.",
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      "text": "The chart on the right illustrates an essential fact about fiber: providers can generate significantly higher capex yields by spending less capex and only pursuing higher yield projects. We believe Crown Castle has exactly this opportunity.",
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      "text": "Fiber businesses have a mixture of success-based projects with varying “yield” or “return” profiles. Because these projects are discretionary, fiber providers can choose the mix of projects pursued and the required yield profiles of those projects.",
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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": "1. ROI-Focused Fiber Capex",
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