First Quarter 2025 Earnings Conference Call April 29, 2025 © 2025 ATC TRS V LLC. All rights reserved. | American Tower Confidential and Proprietary Agenda Introduction Adam Smith Senior Vice President, Investor Relations and FP&A Opening Remarks Steven Vondran President and Chief Executive Officer Financial Results Rod Smith Executive Vice President, Chief Financial Officer and Treasurer Q&A (1) Q1 2024 results for total property revenue, total revenue, Adjusted EBITDA, AFFO attributable to AMT common stock ...

Core Insights - Baron is an asset management firm that specializes in growth equity investment solutions [1] - Founded in 1982, Baron is recognized for its long-term, fundamental, and active approach to growth investing [1] - Research has been a fundamental aspect of Baron's business since its inception as an equity research firm [1]

Financial Data and Key Metrics Changes - The company reported a strong start to 2025, exceeding initial expectations across property revenue, adjusted EBITDA, and attributable AFFO per share for the quarter [5][14] - Consolidated organic tenant billings growth was 4.7%, with U.S. and Canada segment growth at 3.6% and international segment growth at 6.7% [14][17] - Attributable AFFO per share declined by approximately 1%, primarily due to contributions from the India business in the prior year period [18] Business Line Data and Key Metrics Changes - The U.S. services business delivered its highest quarter of revenue and gross profit since 2021, with applications rising nearly 30% compared to Q4 2024 and up roughly 60% year over year [15][16] - CoreSite business experienced high single-digit revenue growth, driven by robust demand for interconnection hubs [15][16] - The data center business saw property revenue grow by approximately 9% [17] Market Data and Key Metrics Changes - In the U.S., property revenue declined approximately 1% but grew over 3.5% excluding non-cash straight-line revenue [16][17] - International property revenue was roughly flat year over year, with growth of approximately 8% excluding foreign currency fluctuations [17] - Emerging markets, particularly Nigeria and Brazil, showed improved consumer pricing dynamics and network upgrades, contributing to enhanced cash flows for carriers [6][7] Company Strategy and Development Direction - The company is focused on portfolio optimization and globalization strategies, aiming to enhance operational efficiency and reduce costs [30][31] - Capital allocation remains a priority, with a $2 billion stock buyback authorization in place, while also considering M&A opportunities [56][58] - The company is committed to maintaining a strong balance sheet and financial flexibility, with $11.7 billion in liquidity [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of mobile data demand across various economic cycles, while also exercising caution regarding potential market volatility [12][13] - The company anticipates continued strong demand for services and leasing activity, particularly in the U.S. market, driven by 5G deployment [44][45] - Management reiterated the expectation for organic tenant billings growth across all regions, with specific targets for the U.S. and Canada segment [20] Other Important Information - The company successfully closed the sale of its South African fiber business and purchased the DE1 data center in Denver, reflecting ongoing portfolio management efforts [9][10] - The company expects to maintain a year-over-year reduction in cash SG&A, with targeted reductions of approximately $13 million [49] Q&A Session Summary Question: Portfolio optimization and globalization strategy - Management confirmed ongoing analysis of portfolio optimization and a focus on globalization efforts to enhance cost efficiency and synergies across operations [27][30] Question: U.S. services and leasing activity - Management indicated strong momentum in services and new applications, expecting continued strong demand in Q2 [35][36] Question: U.S. carrier activity and leasing priorities - Management noted consistent carrier activity aligned with expectations, with a steady ramp in 5G deployment and new co-locations [43][44] Question: Stock buyback and M&A opportunities - Management confirmed a $2 billion stock buyback authorization and a disciplined approach to M&A, focusing on long-term value creation [56][58] Question: Colocation and amendment revenue - Management reported an increase in colocation applications, with a balanced contribution from both amendments and new leases [66][67] Question: CoreSite sales funnel and demand - Management expressed confidence in the CoreSite sales funnel, highlighting robust demand for interconnection services despite broader economic uncertainties [110][112]

Financial Performance - Total revenue for Q1 2025 increased by 2.0% to $2,563 million, while total property revenue rose by 0.2% to $2,488 million[5][6]. - Net income decreased by 45.9% to $499 million, primarily due to foreign currency losses, with net income attributable to AMT common stockholders down 46.7% to $489 million[6][12]. - Adjusted EBITDA increased by 1.9% to $1,744 million, with an Adjusted EBITDA margin of 68.1%[5][6]. - Total operating revenues for Q1 2025 were $2,562.8 million, a 2.0% increase from $2,512.6 million in Q1 2024[72]. - Operating income increased to $1,254.1 million in Q1 2025, up 10.0% from $1,141.0 million in Q1 2024[72]. - Net income from continuing operations was $498.6 million in Q1 2025, a decrease of 40.0% compared to $830.0 million in Q1 2024[72]. - Basic net income per share from continuing operations was $1.05 in Q1 2025, down from $1.77 in Q1 2024[72]. - Nareit FFO attributable to common stockholders was $816.0 million in Q1 2025, down from $1,344.1 million in Q1 2024, indicating a decline of 39%[86]. - AFFO attributable to common stockholders for Q1 2025 was $1,290.2 million, slightly down from $1,303.1 million in Q1 2024[95]. - AFFO per share for Q1 2025 was $2.75, compared to $2.79 in Q1 2024, reflecting a decrease of 1.4%[95]. Revenue Outlook - The company raised the midpoints of its full year 2025 outlook for property revenue, Adjusted EBITDA, and AFFO attributable to AMT common stockholders by $50 million, $30 million, and $20 million, respectively, due to estimated positive foreign currency impacts[24]. - Total property revenue for 2025 is projected to be between $9,970 million and $10,120 million, reflecting a growth rate of 1.1% compared to the prior year[26]. - Net income is expected to range from $2,740 million to $2,840 million, representing a significant increase of 22.4% year-over-year[26]. - Adjusted EBITDA is forecasted to be between $6,885 million and $6,955 million, with a growth rate of 1.6% compared to the previous year[26]. - AFFO attributable to AMT common stockholders is projected to be between $4,850 million and $4,940 million, showing a slight decline of 0.8% year-over-year, but an adjusted growth of 5.0%[26]. - U.S. & Canada segment property revenue is estimated to be between $5,190 million and $5,250 million, with a growth rate of (0.5)%, impacted by a 4% decrease in non-cash straight-line revenue recognition[26]. - International property revenue is expected to be between $3,755 million and $3,825 million, with a growth rate of 0.8%, affected by nearly 5% from foreign currency exchange rate fluctuations[26]. - Data Centers segment property revenue is projected to be between $1,025 million and $1,045 million, reflecting a robust growth rate of 11.9%[26]. Capital Expenditures and Investments - Capital expenditures for Q1 2025 were approximately $340 million, with $38 million allocated for non-discretionary improvements[9]. - Capital expenditures for 2025 are expected to total between $1,635 million and $1,745 million, including $610 million for Data Centers segment development[32]. - The company acquired 242 communication sites for approximately $148 million, including 145 sites in the U.S. and 97 in Europe[10]. - The company completed the sale of its fiber assets in South Africa for approximately $137.7 million, resulting in a gain of about $53.6 million[12]. Debt and Leverage - The company's Net Leverage Ratio as of March 31, 2025, was 5.0x, with total debt at $36,862 million and cash and cash equivalents at $2,104 million[14][15]. - Net Debt stands at $34,045.4 million, with a Net Leverage Ratio calculated based on the quarter's annualized Adjusted EBITDA, which is critical for credit agency ratings[61]. - The company incurred interest expense of $325.3 million in Q1 2025, a decrease from $363.8 million in Q1 2024[72]. - Cash interest expense decreased to $311.5 million in Q1 2025 from $350.8 million in Q1 2024, showing a reduction of 11%[95]. Asset and Equity Changes - Total current assets increased to $3,506.1 million as of March 31, 2025, compared to $3,178.8 million on December 31, 2024, reflecting a growth of 10.3%[71]. - Total liabilities increased to $52,119.3 million as of March 31, 2025, compared to $51,428.7 million at the end of 2024, reflecting a rise of 1.3%[71]. - The company’s total equity rose to $9,936.3 million, up from $9,648.7 million, indicating a growth of 3.0%[71]. Operational Metrics - The Adjusted EBITDA Margin is a key performance measure, calculated as Adjusted EBITDA divided by total revenue, providing insight into operational profitability[54]. - Tenant Billings Growth is a critical metric, reflecting the increase in recurring Tenant Billings adjusted for foreign currency fluctuations, which is essential for assessing demand for the real estate portfolio[67]. - The company emphasizes the importance of organic growth in Tenant Billings, which is a measure of its ability to add tenancy and revenue to its assets[63]. - Total tenant billings growth was 2.0%, with organic tenant billings growth at 4.7%[76]. - The prior-year tenant billings were $1,864 million, with new site tenant billings contributing $10 million in the current period[76]. - The impact of foreign currency exchange on total tenant billings was a decrease of $53 million[76]. - The segment gross margin for the current period was $1,928 million, with a gross margin percentage of 70%[76]. - The gross margin for total property in Q1 2025 was $1,471.0 million, compared to $1,423.7 million in Q1 2024, representing an increase of 3.3%[96]. Conference and Communication - The company will host a conference call to discuss its financial results and outlook for 2025, providing further insights into its performance and strategies[37].

Core Viewpoint - Analysts forecast a decline in American Tower's quarterly earnings and revenues, with EPS expected at $2.60, down 6.8% year-over-year, and revenues projected at $2.51 billion, down 11.3% compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised 1.3% lower over the last 30 days, indicating a reevaluation by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong relationship between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts predict 'Total operating revenues - Data Centers' at $250.28 million, reflecting an increase of 11.2% year-over-year [5]. - 'Total operating revenues - Services' is expected to reach $60.28 million, indicating a significant increase of 100.9% year-over-year [5]. - The consensus for 'Total operating revenues - Total Property' stands at $2.45 billion, showing a decline of 12.7% year-over-year [5]. Geographic Revenue Estimates - 'Geographic Revenues - Total International' is estimated at $896.32 million, down 29.4% from the previous year [6]. - 'Geographic Revenues - U.S. & Canada' is projected to be $1.30 billion, reflecting a slight decline of 0.8% year-over-year [6]. - 'Geographic Revenues - Africa' is expected to reach $305.65 million, up 4.7% year-over-year [7]. - 'Geographic Revenues - Latin America' is projected at $381.27 million, down 14.5% from the previous year [7]. Ending Balance Estimates - The 'U.S. & Canada - Ending Balance' is expected to be 41,759, down from 42,427 in the same quarter last year [8]. - The consensus for 'Total - Ending Balance' is 173,697, compared to 222,643 a year ago [8]. Organic Tenant Billings Growth - 'Organic Tenant Billings Growth - Total International' is projected at 5.7%, down from 6.5% in the same quarter last year [9]. - 'Organic Tenant Billings Growth - U.S. & Canada' is expected to be 3.8%, down from 4.6% in the same quarter last year [9]. Stock Performance - American Tower shares have increased by 1.2% in the past month, contrasting with the S&P 500 composite's decline of 5.1% [10].

Core Viewpoint - The article expresses a bullish sentiment towards uniQure N.V. following the announcement of 24-month trial data for its Phase 1/2 clinical trials for AMT-130, a gene therapy for Huntington's Disease [1]. Company Summary - uniQure N.V. is involved in developing gene therapies, specifically targeting Huntington's Disease with its investigational product AMT-130 [1]. - The company has released promising trial data that may enhance investor confidence and interest in its stock [1]. Analyst Background - The author has extensive experience in investment and financial analysis, particularly focusing on Canadian small-cap stocks [1]. - The author aims to leverage their expertise to identify trading opportunities and provide quality analysis in the capital markets [1].

Core Insights - The iREIT®+HOYA Capital investing group focuses on income-oriented alternatives such as REITs, BDCs, MLPs, and Preferreds, leveraging a team with over 100 years of combined experience [2] - Brad Thomas, a key figure in the group, has extensive real estate investing experience, having been involved in over $1 billion in commercial real estate transactions [3] Group 1 - iREIT® Tracker provides comprehensive data on over 250 tickers, including quality scores and buy/trimming targets [1] - The team includes diverse professionals, such as a former hedge fund manager and a military veteran, enhancing the depth of analysis [2] Group 2 - Brad Thomas has been featured in major media outlets like Barron's and Bloomberg, indicating his credibility and influence in the real estate sector [3] - The group emphasizes a long position in various REITs, showcasing their investment strategy and confidence in these assets [4]

Group 1 - The article discusses the Biotech Analysis Central service, which provides in-depth analysis of pharmaceutical companies and offers a model portfolio of small and mid-cap stocks [1][2] - The service includes over 600 biotech investing articles and live chat features to assist healthcare investors in making informed decisions [2] - A promotional offer is available for new subscribers, including a two-week free trial and a discounted annual subscription price [1] Group 2 - The author of the article has no current stock or derivative positions in any mentioned companies and does not plan to initiate any within the next 72 hours [3] - The article expresses the author's personal opinions and is not compensated beyond the Seeking Alpha platform [3] - Seeking Alpha clarifies that past performance does not guarantee future results and that the views expressed may not reflect the platform's overall stance [4]

Core Insights - The U.S. FDA has granted Breakthrough Therapy designation to AMT-130 for Huntington's disease, highlighting the urgent need for effective treatments and the promising interim data indicating potential disease progression slowing [1][2] - The Breakthrough Therapy designation is in addition to other FDA designations previously granted to AMT-130, including RMAT, Orphan Drug, and Fast Track [1] - The company anticipates additional regulatory updates and guidance on the Biologics License Application submission in the second quarter of 2025 [1] Company Overview - uniQure is a leading gene therapy company focused on developing transformative therapies for patients with severe medical needs, including Huntington's disease, ALS, and Fabry disease [5] - The company has made significant progress in gene therapy, evidenced by the approval of its gene therapy for hemophilia B, marking a milestone in genomic medicine [5] Huntington's Disease Context - Huntington's disease is a rare, inherited neurodegenerative disorder affecting approximately 70,000 diagnosed individuals in the U.S. and Europe, with no approved therapies available to slow its progression [4] - The disease is characterized by motor symptoms, behavioral abnormalities, and cognitive decline due to a genetic mutation in the huntingtin gene [4] Clinical Data and Development - Interim data from ongoing Phase I/II trials of AMT-130 presented in July 2024 showed dose-dependent slowing of disease progression based on the cUHDRS scale, with 45 patients treated to date [2][3] - The Breakthrough Therapy designation aims to expedite the development and review of investigational therapies that show substantial improvement over existing treatments [3]

While macroeconomic headwinds, tariffs, inflation, interest rates, and fears of a recession impact the broad market S&P 500, not all stocks are in the same position. This is a look at five stocks and one REIT that are not only outperforming the average S&P 500 NYSEARCA: SPY stock in 2025 but are also growing and providing value improvements that are expected to continue as the year progresses.  Get Monster Beverage alerts:UnitedHealth Group: No Tariff Exposure Here, Just Bullish Trends UnitedHealth Group To ...