American Tower(US:AMT)2024-04-30 11:16Financial Performance - Total revenue for Q1 2024 increased by 2.4% to $2,834 million, with property revenue rising by 3.3% to $2,804 million[2]. - Net income surged by 192.6% to $922 million, while net income attributable to AMT common stockholders rose by 173.2% to $917 million[3]. - Adjusted EBITDA increased by 5.2% to $1,854 million, with an adjusted EBITDA margin of 65.4%[3]. - AFFO attributable to AMT common stockholders grew by 10.0% to $1,303 million, translating to $2.79 per share[3]. - The company reported a free cash flow of $882 million, reflecting a 47.5% increase[3]. - Total operating revenues for Q1 2024 were $2,834.1 million, an increase from $2,767.2 million in Q1 2023, representing a growth of 2.4%[32]. - Property revenues increased to $2,803.9 million in Q1 2024 from $2,714.5 million in Q1 2023, reflecting a growth of 3.3%[32]. - Operating income for the three months ended March 31, 2024, was $1,236.6 million, compared to $775.6 million in the same period of 2023, representing a significant increase[33]. - Net income attributable to American Tower Corporation common stockholders reached $917.4 million, up from $335.8 million year-over-year[33]. - Basic net income per share attributable to common stockholders was $1.97, compared to $0.72 in the prior year[33]. - Cash provided by operating activities increased to $1,283.6 million from $1,070.5 million year-over-year[35]. - The company reported a net income of $921.7 million for the three months ended March 31, 2024, compared to $315.0 million in the same period last year[45]. - Nareit FFO attributable to common stockholders was $1,344.1 million, up from $1,082.9 million year-over-year[45]. Capital Expenditures and Liquidity - Total capital expenditures for Q1 2024 were approximately $402 million, with $36 million allocated for non-discretionary improvements[7]. - The company has approximately $9.3 billion in total liquidity, including $2.4 billion in cash and cash equivalents[6]. - Capital expenditures for 2024 are estimated to be between $1,545 million and $1,655 million, including discretionary projects and redevelopment[16]. - Cash and cash equivalents increased to $2,389.1 million as of March 31, 2024, up from $1,973.3 million as of December 31, 2023, a growth of 21.1%[30]. - Cash and cash equivalents at the end of the period were $2,516.7 million, compared to $1,925.4 million at the end of the same period in 2023[35]. - Payments for acquisitions, net of cash acquired, were $44.7 million, down from $60.9 million in the previous year[35]. - Cash used for financing activities decreased to $390.2 million from $1,012.6 million year-over-year[35]. - The company experienced a net increase in cash and cash equivalents of $423.3 million, compared to a decrease of $215.3 million in the prior year[35]. Revenue Outlook and Projections - The full year 2024 outlook includes property revenue estimates of $5,210 million to $5,270 million for the U.S. & Canada segment, and $4,970 million to $5,070 million for international property revenue[11]. - The company expects a negative impact of approximately $15 million from foreign currency fluctuations on property revenue for 2024[10]. - Total property revenue for the quarter was between $11,080 million and $11,260 million, reflecting a growth of 1.5%[12]. - Net income increased significantly to between $3,080 million and $3,170 million, representing a 128.6% increase[12]. - Adjusted EBITDA is projected to be between $7,120 million and $7,230 million, showing a growth of 1.2%[12]. - AFFO attributable to AMT common stockholders is expected to be between $4,820 million and $4,930 million, a 5.7% increase[12]. - The 2024 outlook for total property revenue includes $1,617 million from international pass-through revenue and $251 million from straight-line revenue[14]. Tenant Billings and Growth - Total tenant billings growth is projected at approximately 6%, with organic tenant billings growth at ~4.7% and international property growth at ~7%[15]. - Total Tenant Billings Growth was 4.5%, with Canada at 4.5%, U.S. & Latin America at 2.9%, Asia Pacific at 4.9%, and Africa at 21.9%[38]. - Organic Tenant Billings Growth was 4.6% overall, with Canada at 4.6%, U.S. & Latin America at 2.8%, Asia Pacific at 4.1%, and Africa at 14.6%[38]. - Total Tenant Billings for the current period was $2,023 million, with Canada at $1,212 million, U.S. & Latin America at $312 million, Asia Pacific at $163 million, and Africa at $196 million[38]. - Revenue Growth for Canada was 1.8%, while U.S. & Latin America experienced a decline of 4.0%, Asia Pacific grew by 30.1%, and Africa declined by 7.9%[38]. - The company experienced a foreign currency exchange impact of $(45) million on total tenant billings[41]. Operating Expenses and Efficiency - Total operating expenses decreased to $1,597.5 million in Q1 2024 from $1,991.6 million in Q1 2023, a reduction of 19.8%[32]. - Depreciation, amortization, and accretion expenses decreased significantly to $549.4 million in Q1 2024 from $794.1 million in Q1 2023, a decline of 30.8%[32]. - Total Operating Expenses for the segments totaled $788 million, with Canada at $204 million, U.S. & Latin America at $140 million, Asia Pacific at $171 million, and Africa at $93 million[38]. - Adjusted EBITDA for the same period was $1,853.7 million, reflecting an Adjusted EBITDA margin of 65% compared to 64% in the previous year[44]. - The company emphasizes the importance of non-GAAP measures like AFFO and tenant billings growth to provide insight into its financial performance and operational trends[21]. Debt and Leverage - Net Debt as of March 31, 2024, was $36,191.9 million, compared to $35,734.0 million as of December 31, 2023, indicating an increase in leverage[30]. - The Net Leverage Ratio is calculated as Net Debt divided by the quarter's annualized Adjusted EBITDA, which is critical for assessing credit agency ratings[30].