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  "documentTitle": "Crown Castle International Corp. (CCI)",
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  "notes": "The slide uses a 'before-after' logic by highlighting the shift in 2021-2023 projections under the 'RTC Plan' compared to historical trends.",
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      "text": "RTC Plan calls for Crown Castle to achieve a capex revenue ROI in excess of 40% on annual fiber discretionary capex of $600M (versus $1.4B), which turns fiber into a cash flow generative business",
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      "text": "Fiber EBITDA ($M)",
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      "text": "RTC Plan calls for Crown Castle to achieve a capex revenue ROI in excess of 40% on annual fiber discretionary capex of $600M (versus $1.4B), which turns fiber into a cash flow generative business",
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      "text": "Source: Historical figures per publicly disclosed Crown Castle financials. Projected figures per Elliott estimates. Forecasts assume 40% Capex Revenue ROI with reduced investment beginning 2021, 65% incremental gross margins, and ~2% annual inflation in segment SG&A. 1. Includes discretionary and sustaining capex.",
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