Full year 2023 site rental revenues grew 4%, with tower organic growth at 5% and small cell growth at 6%. Fiber solutions revenue remained flat.
The 2024 outlook shows a decline in site rental revenues, adjusted EBITDA, and AFFO due to the absence of Sprint Cancellation payments, reduced non-cash items, and lower contribution from services gross margin. However, normalized for these impacts, there is expected to be year-over-year growth in all three metrics.
Tower growth is forecasted to average 5% through 2027, with 75% already contracted. Volatility on a quarter-to-quarter basis is expected but overall stability in cash flows and growth.
Churn in the small cell business is not anticipated in 2024, while churn in fiber solutions is expected to remain within the range of 1% to 2% per year.
The strategic fiber review is underway, evaluating alternatives to maximize value across the enterprise. No decisions have been made regarding monetizing land or other assets.
Employee morale is reported as good, with a focus on serving customers and driving the business forward despite recent changes and uncertainty.