CCI reported 4Q results, with in-line organic site rental revenues, but they reported an accounting change that impacted services revenues, EBITDA and AFFO. They received a subpoena from the SEC, which has resulted in CCI determining that their revenue recognition policy did not meet with GAAP. It seems to relate to installation services that should have been recognized over the life of the lease rather than up front. As a result, they are restating 5 years of financials and full year guidance for 2020 was reduced by 4%. More details after the call.
Sarah Kanwal
Equity Analyst, Director
Direct: 617.226.0022
Fax: 617.523.8118
Crestwood Advisors
One Liberty Square, Suite 500
Boston, MA 02109