American Tower Corporation (reit) · NYSE:AMT
American Tower Corporation (reit) — Q1 2024 Earnings Presentation
21 slides from American Tower Corporation (reit)'s earnings presentation, Apr 30, 2024
Slide 1: First Quarter 2024 Earnings Conference Call
First Quarter 2024 Earnings Conference Call April 30, 2024
Slide 2: Agenda
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 Q&A 2
Slide 3: Forward-Looking Statements
Forward-Looking Statements “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements within the meaning of federal securities laws concerning our goals, beliefs, strategies, future operating results and underlying assump
Slide 4: Consolidated Results Highlights
Consolidated Results Highlights Y/Y Change Y/Y FX-Neutral $ in millions, except per share data 1Q24 1Q23 Change (1) Total property revenue $2,804 $2,715 3.3% 4.3% Total revenue $2,834 $2,767 2.4% 3.4% Net income attributable to AMT common stockholders(2)(3)(4) $917 $336 173.2% N/A (5) Per diluted sh
Slide 5: Financial Results
Financial Results Rod Smith Executive Vice President, Chief Financial Officer and Treasurer
Slide 6: Q1 2024 Property Revenue
Q1 2024 Property Revenue ($ in millions) Property Revenue Organic Tenant Billings Growth(2) $2,804 14.6% $2,715 3.3% Growth ~6% 6.5% 4.3% FX-Neutral Growth(1) >5.5% 5.5% 6.3% Tenant Billings Growth 4.1% 5.4% 4.6% 2.8% Q1 2023 Q1 2024 Total U.S. & Intl Africa Europe APAC LatAm Canada Impact of Sprint
Slide 7: Q1 2024 Adjusted EBITDA and Attributable AFFO
Q1 2024 Adjusted EBITDA and Attributable AFFO ($ in millions) Adjusted EBITDA AFFO Attributable to AMT Common Stockholders $1,854 $1,763 $1,303 $1,185 5.2% Growth 10.0% Growth 6.1% FX-Neutral Growth(1) 11.0% FX-Neutral Growth(1) 9.8% Per Share Growth Q1 2023 Q1 2024 Q1 2023 Q1 2024 62.5% Cash Margin
Slide 8: Raising 2024 Property Revenue Outlook
Raising 2024 Property Revenue Outlook(1)(2) ($ in millions) $45 $11,170 $11,140 ($15) >1% Y/Y Growth; ~3% FX Neutral(3) vs. 2023 Prior Outlook India Revenue Reserves (4) FX Current Outlook › Increasing Property Revenue Outlook midpoint by $30 million vs. prior Outlook › India customer collections tr
Slide 9: Raising 2024 Adjusted EBITDA Outlook
Raising 2024 Adjusted EBITDA Outlook(1) ($ in millions) $45 $7,175 $7,135 ($5) >1% Y/Y Growth; ~3% FX Neutral(2) Prior Outlook India Revenue Reserves(3) FX Current Outlook 62.6% Cash Margin 62.8% Cash Margin › Increasing Adjusted EBITDA Outlook midpoint by $40 million vs. prior Outlook › Improved In
Slide 10: Raising 2024 Attributable AFFO Outlook
Raising 2024 Attributable AFFO Outlook(1) ($ in millions) $45 $4,875 $4,835 ($5) $10.42 $10.33 per Share per Share >5.5% Y/Y per Share Growth; ~7% FX Neutral per Share Growth(2) (3) Prior Outlook India Revenue Reserves FX Current Outlook › Raising Attributable AFFO per Share midpoint by $0.09 vs. pr
Slide 11: Capital Allocation & Balance Sheet Management
Capital Allocation & Balance Sheet Management ($ in billions, totals may not add due to rounding) 2024E Capital Deployment(1) Balance Sheet Management 12/31/2023 3/31/2024 Net Leverage Discretionary 5.2x 5.0x (LQA) Capex Common Stock $1.4 Liquidity ($B) $9.6 $9.3 Dividends (2) $3.0 Fixed / Floating
Slide 12: In Summary
In Summary Strong Q1 Performance › Solid Organic Tenant Billings Growth reflecting recurring business fundamentals; accelerating application pipeline in the U.S. › Double digit year-over-year revenue growth at CoreSite, including highest quarter of signed retail new business since Q4 2020 › ~10% Att
Slide 13: Definitions
Definitions Adjusted EBITDA: Net income before income (loss) from equity method investments; Income tax benefit (provision); Other income (expense); Gain (loss) on retirement of long-term obligations; Interest expense; Interest income; Other operating income (expense), including Goodwill impairment;
Slide 14: Definitions (continued)
Definitions (continued) Organic Tenant Billings: Tenant Billings on sites that the Company has owned since the beginning of the prior-year period, as well as Tenant Billings activity on new sites that occurred after the date of their addition to the Company’s portfolio. Organic Tenant Billings Growt
Slide 15: Risk Factors
Risk Factors This presentation contains “forward-looking statements” concerning our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions and other statements that are not necessarily based on historical facts. Examples of these statements i
Slide 16: Risk Factors (continued)
Risk Factors (continued) (15) if we fail to remain qualified for taxation as a REIT, we will be subject to tax at corporate income tax rates, which may substantially reduce funds otherwise available, and even if we qualify for taxation as a REIT, we may face tax liabilities that impact earnings and
Slide 17: Historical Reconciliations
Historical Reconciliations ($ in millions, totals may not add due to rounding) RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME 2013 2014 2015 2016 2017 2018(1) 2019 2020 2021 2022 2023 1Q23 1Q24 Net income $482 $803 $672 $970 $1,225 $1,265 $1,917 $1,692 $2,568 $1,697 $1,367 $315 $922 Income tax prov
Slide 18: 2024 Current Outlook Reconciliations
2024 Current Outlook Reconciliations(1)(2) ($ in millions, except share and per share data, totals may not add due to rounding) Reconciliations of Outlook for Adjusted EBITDA to Net Income: Full Year 2024 Net income $3,080 to $3,170 Interest expense 1,465 to 1,445 Depreciation, amortization and accr
Slide 19: 2024 Prior Outlook Reconciliations
2024 Prior Outlook Reconciliations(1)(2) ($ in millions, except share and per share data, totals may not add due to rounding) Reconciliations of Outlook for Adjusted EBITDA to Net Income: Full Year 2024 Net income $3,305 to $3,415 Interest expense 1,460 to 1,440 Depreciation, amortization and accret
Slide 20: Reconciliations
Reconciliations ($ in millions, except per share amounts & as noted, totals may not add due to rounding) Estimated Q1 2024 FX-Neutral Q1 2024 FX-Neutral Reconciliations Q1 2023 Q1 2024 Growth Rate FX Impact Q1 2023 FX-Neutral Growth Rate Total Property Revenue $2,715 $2,804 3.3% (~$27) $2,715 $2,831
Slide 21: 2024 India Outlook
2024 India Outlook ($ in millions, totals may not add due to rounding) (2) 2024 OUTLOOK INDIA BUSINESS CONTRIBUTIONS 1Q24A 2Q24E 3Q24E 4Q24E 2024 Outlook 2023 Total Tenant Billings (FX Impacted) $ 158 $ 159 $ 159 $ 158 $ 634 $ 627 Pass-Through Revenue (1) 143 145 145 148 580 518 Straight-Line Revenu
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