American Tower Corporation (NYSE:AMT) Bank of America's 2024 Media, Communications and Entertainment Conference Call September 5, 2024 9:40 AM ET Company Participants Steven Vondran - President and Chief Executive Officer Conference Call Participants David Barden - Bank of America David Barden [Abrupt start] joining us again. We're super pleased to have Steve Vondran, President and CEO from American Tower, joining us. Kind of playing cleanup for our Tower guests at the conference this year. Steve, thanks so ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One): ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended June 30, 2024. ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. | --- | --- | --- | |-------------------------------------------------------------------|---------------------------------------------------------------------------------------------------- ...

American Tower Corporation (NYSE:AMT) Q2 2024 Earnings Conference Call July 30, 2024 8:30 AM ET Company Participants Adam Smith - Senior Vice President of Investor Relations & FP&A Steve Vondran - President & Chief Executive Officer Rod Smith - Executive Vice President, Chief Financial Officer & Treasurer Conference Call Participants Simon Flannery - Morgan Stanley Michael Rollins - Citi Ric Prentiss - Raymond James David Barden - Bank of America Matt Niknam - Deutsche Bank Jim Schneider - Goldman Sachs Eri ...

AMERICAN TOWER® C O R P O R A T I O N Second Quarter 2024 Earnings Conference Call July 30, 2024 Agenda Introduction Adam Smith Senior Vice President, Investor Relations & FP&A Opening Remarks Steven Vondran President and Chief Executive Officer Rod Smith Executive Vice President, Chief Financial Officer and Treasurer Financial Results Q&A 2 Forward-Looking Statements "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements wit ...

Financial Performance - Total revenue for Q2 2024 increased by 4.6% to $2,900 million[2] - Net income rose by 96.8% to $908 million, with net income attributable to AMT common stockholders increasing by 89.3% to $900 million[2][3] - Adjusted EBITDA grew by 8.1% to $1,890 million, with an Adjusted EBITDA margin of 65.2%[3] - AFFO attributable to AMT common stockholders increased by 13.5% to $1,306 million, with AFFO per share at $2.79[3] - Total operating revenues for the three months ended June 30, 2024, increased to $2,900.3 million, up from $2,771.7 million in the same period last year, representing a growth of 4.6%[28] - Operating income for the six months ended June 30, 2024, was $2,520.9 million, compared to $1,649.3 million for the same period in 2023, reflecting a significant increase of 52.8%[28] - Net income attributable to American Tower Corporation common stockholders for the three months ended June 30, 2024, was $900.3 million, up from $475.7 million in the prior year, marking an increase of 89.0%[28] - The company reported a basic net income per share of $1.93 for the three months ended June 30, 2024, compared to $1.02 for the same period in 2023, representing an increase of 89.2%[28] Revenue Projections - The company expects full year 2024 property revenue to be between $11,100 million and $11,280 million, reflecting a growth rate of 1.7%[10] - The updated outlook for net income is projected between $3,225 million and $3,315 million, indicating a growth of 139.2%[10] - Total Property revenue for 2024 is projected to be approximately $1,606 million from International Property and $264 million from Straight-line revenue[11] - Total Tenant Billings Growth is expected to be around 6%, with U.S. & Canada Property growth at ~4.7% and International Property growth at ~7%[12] - Adjusted EBITDA for 2024 is projected to be between $7,250 million and $7,500 million, with net income expected to be between $3,225 million and $3,315 million[14] - AFFO attributable to AMT common stockholders is forecasted to be between $4,905 million and $5,015 million, with a per share value of $10.48 to $10.72[15] Capital Expenditures - Total capital expenditures for Q2 2024 were approximately $328 million, with $37 million allocated for non-discretionary improvements[7] - Capital Expenditures for 2024 are estimated to range from $1,600 million to $1,710 million, including $800 million to $830 million for discretionary capital projects[13] Debt and Leverage - The net leverage ratio as of June 30, 2024, was 4.8x, with net debt totaling $36,476 million[8] - The Net Leverage Ratio is calculated as net debt divided by the quarter's annualized Adjusted EBITDA, which is critical for credit agency ratings[21] Asset Management - Total current assets increased to $4,114.1 million as of June 30, 2024, compared to $3,710.0 million as of December 31, 2023, reflecting a growth of 10.9%[25] - Cash and cash equivalents rose to $2,492.1 million from $1,973.3 million, marking a significant increase of 26.3%[25] - Total liabilities increased to $55,414.3 million from $55,162.2 million, indicating a rise of 0.5%[25] - The company’s total equity decreased to $10,423.5 million from $10,865.4 million, a decline of 4.1%[25] Operational Insights - The company emphasizes the importance of Non-GAAP measures to provide insight into operational performance, including metrics like Adjusted EBITDA and AFFO[17] - The company emphasizes the importance of organic growth in Tenant Billings to assess the attractiveness of its property assets[20] - Gross Margin is defined as revenues less operating expenses, providing insight into site-level profitability[20] - Operating Profit Margin is derived from dividing Operating Profit by revenue, reflecting operational efficiency[20] International Operations - International pass-through revenue includes $588 million related to operations in India, contributing to the overall revenue[11] - The company operates over 224,000 communications sites globally, indicating a significant market presence[16] - The company’s international operations, excluding Canada, generated total revenues of $1,307 million[33] Currency and Exchange Impact - The company experienced a foreign currency exchange impact of $(47) million on total tenant billings, affecting overall revenue performance[33] - The company reported a foreign currency exchange impact of $(30) million on total tenant billings for the current period[36] - The company reported losses on foreign currency exchange rate fluctuations of $107.6 million for the three months ended June 30, 2023[38] Strategic Initiatives - The anticipated closing of the sale of the India business is expected in the second half of 2024, subject to regulatory approvals[9] - The company anticipates continued market expansion and new product development as part of its strategic initiatives moving forward[36]

American Tower Corporation (NYSE:AMT) Nareit REIT Week: 2024 Investor Conference Call June 5, 2024 8:45 AM ET Company Participants Steve Vondran - President and Chief Executive Officer Conference Call Participants Rick Prentiss - Raymond James Rick Prentiss All right. Good morning, everybody. I'm Rick Prentiss, Head of Telecom Services Research at Raymond James. That includes TMT Towers, media and telecom services. We're excited to continue the Nareit tradition of American Tower and Raymond James. This is a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One): ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended March 31, 2024. ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Commission File Number: 001-14195 AMERICAN TOWER CORPORATION (Exact name of registrant as specified in its charter) Delaware 65-0723837 (State or other jurisdiction of Incorporation or Org ...

American Tower Corporation [AMT] Q1 2024 Earnings Conference Call April 30, 2024 8:30 AM ET Company Participants Steve Vondran - President & CEO Rod Smith - EVP, CFO & Treasurer Adam Smith - SVP, IR and FP&A Conference Call Participants Matt Niknam - Deutsche Bank Michael Rollins - Citigroup Simon Flannery - Morgan Stanley Rick Prentiss - Raymond James David Barden - Bank of America Nick Del Deo - MoffettNathanson Batya Levi - UBS Jon Atkin - RBC Operator Ladies and gentlemen, thank you for standing by. Wel ...

First Quarter 2024 Earnings Conference Call April 30, 2024 Agenda Introduction Adam Smith Senior Vice President, Investor Relations & FP&A Opening Remarks Steven Vondran President and Chief Executive Officer Financial Results Rod Smith Executive Vice President, Chief Financial Officer and Treasurer QA ...

Financial 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].