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certainly don't believe that, that's your break even outcome. So we think from a downside protection we've certainly done our job to limit that and create substantial upside here for the reasons that we've discussed.

With that, I will be glad to turn it over back over to John, or perhaps we'll just go on to questions.

John Kelly

Why don't we, operator, open it up, queue up the questions at this point.


Thank you. Ladies and gentlemen, at this time we will begin the question and answer session. If you have a question, please press the star key followed by the one on your pushbutton phone. If you would like to decline from the polling process, please press the star key followed by the two. You will hear a three-tone prompt acknowledging your selection. Your questions will be polled in the order that they are received. If you are using speaker equipment, you will need to lift the handset before pressing the numbers.

Our first question comes from Rick Prentiss with Raymond James. Please go ahead.

Ric Prentiss

Good morning, guys.


Good morning.

Ric Prentiss

A couple of questions for you on the transaction. First, you talked a lot about growth and the prospects for growth. Recently Global Signal and, Jerry, when we met at PCIA you addressed it. You wanted to see growth improve on your Global Signal portfolio, but you thought there was a lot of work required on the IT side and the customer service side. How is that progressing?

And from a Crown perspective, John, maybe you could address how when you guys looked at this transaction, how did you view the ability maybe to improve those things to get the growth materializing because, yes, Global Signal has less revenue per tower if you will or lower leasing trends, but how do you unlock that?

John Kelly

If I can just jump right in on that one, Rick, because clearly Jerry and his team have been working on operationalizing the asset acquisitions that they had done really predominantly, the Sprint sites acquisition that they'd done last year. And as we all know, that takes some effort, ensuring that you have the right systems in place to handle a company with greater than 10,000 towers versus a company with some 3,000 towers. As much as they have been making progress, in that particular regard, it does take some time.

One of the things that we looked at clearly was the opportunity to accelerate the potential of all of those towers by integrating them into our systems that we've been working on, as many of you on this call know, that we've been


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