{
  "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": 8,
  "pageCount": 67,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "Uses a process arrow diagram to outline the four pillars of the activist proposal.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "process_diagram",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-80e6d77f0276/8",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-80e6d77f0276",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-80e6d77f0276.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-80e6d77f0276#slide-8",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Crown Castle’s underperformance can be remedied and requires improved performance in its fiber business.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-92a1-4c659b695c4b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.88,
        "x": 0.06,
        "y": 0.33
      },
      "kind": "diagram",
      "text": "1. ROI-Focused Fiber Capex, 2. Optimized Incentive Plan, 3. Enhanced Returns, 4. Improved Oversight",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "565f1664-eb6c-48ef-bed8-86e8350e23c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.18,
        "x": 0.68,
        "y": 0.53
      },
      "kind": "list",
      "text": "Improvements to the Board of Directors, including new directors and restructured committees",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2892eb53-0389-4fcc-a2f0-ab73df4ea924",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.18,
        "x": 0.5,
        "y": 0.57
      },
      "kind": "list",
      "text": "Increased dividend to $7.00 in 2021, a 46% increase from current levels, in addition to meaningful capex investments of $1.2B annually",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42803eee-2fd9-4970-b3cb-2118f94478fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.2,
        "x": 0.08,
        "y": 0.65
      },
      "kind": "list",
      "text": "Commitment to a capex ROI target of 40% (in-line with industry benchmarks) on $600M per year of fiber discretionary capex",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "600d5ba8-2e8c-4f98-a532-f084da0e04a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.18,
        "x": 0.31,
        "y": 0.65
      },
      "kind": "list",
      "text": "Introduction of ROIC as part of the incentive program to better align compensation with performance",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f8ec51d-9d28-4982-bab6-4902d97161bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "Crown Castle’s underperformance can be remedied and requires improved performance in its fiber business. With readily achievable fiber targets and enhanced oversight, Crown Castle can deliver compelling returns to shareholders",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "118b5f60-1a2e-4b40-878b-41fd7f1c608b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.05,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "1. As compared to current $1.20/share quarterly dividend.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "805c5ae0-08a4-427c-83c0-4b67669e7324",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.05,
        "y": 0.06
      },
      "kind": "title",
      "text": "Reclaiming The Crown Plan",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "567d5ee2-2eea-4863-9301-af478c5b89e2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "process",
      "slug": null,
      "matchId": "a65ac720-00aa-4952-9e78-d18c740f0191",
      "evidence": "Four-step sequential arrow diagram",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 10,
      "from": 6,
      "beatId": "9dfae3d6-646f-43e9-9c1a-7bcedabd1815",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "Slides 6-10 identify Crown Castle's underperformance and value destruction",
      "position": 0,
      "confidence": 0.9,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 10,
      "from": 6,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "99544cc7-35ed-4db5-bc34-a90827770f1a",
      "evidence": "Slides 6-10 emphasize the consequences of not changing Crown Castle's strategy",
      "position": 0,
      "objective": "Highlight the cost of inaction",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.8,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}