American Tower Corporation (reit) · NYSE:AMT
American Tower Corporation (reit) — Q4 2024 Earnings Presentation
19 slides from American Tower Corporation (reit)'s earnings presentation, Feb 25, 2025
Slide 1: Fourth Quarter & Full Year 2024 Earnings Conference Call
Fourth Quarter & Full Year 2024 Earnings Conference Call February 25, 2025 | American Tower Confidential and Proprietary © 2025 ATC TRS V LLC. All rights reserved.
Slide 2: Agenda
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 2 | American Tower Confidential and Proprietary
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 assum
Slide 4: Consolidated Results Highlights
Consolidated Results Highlights Y/Y Change / FX- Y/Y Change / FX- $ in millions, except per share data 4Q24 4Q23(1) Neutral Change(2) FY’24(1) FY’23(1) Neutral Change(2) Total property revenue $2,484 $2,435 2.0% 5.4% $9,934 $9,869 0.7% 3.0% Total revenue $2,548 $2,456 3.7% 7.1% $10,127 $10,012 1.1%
Slide 5: Financial Results
Financial Results Rod Smith Executive Vice President, Chief Financial Officer and Treasurer
Slide 6: FY 2024 Performance
FY 2024 Performance ($ in millions) Property Revenue(1) Adjusted EBITDA(1) AFFO Attributable to AMT Common Stockholders $9,869 $9,934 $6,688 $6,812 $4,934 $4,612 0.7% Growth 3.0% FX-Neutral Growth(2) 1.9% Growth 7.0% Growth 6.1%Tenant Billings Growth 4.2% FX-Neutral Growth(2) 9.5% FX-Neutral Growth(
Slide 7: 2025 Outlook: AFFO per Share, as Adjusted Growth Drivers
2025 Outlook: AFFO per Share, as Adjusted Growth Drivers(1) 10.0% ~0.5%(2) ~8.8% >2%(2) Net Interest 7.5% ~(1.7)% ~6%(2) FX ~(2.7)% 5.0% ~4.4% 2.5% ≥4.3% U.S. & Canada OTBG ~12% Africa & APAC OTBG ~5% Europe OTBG ~2% LatAm OTBG ~12% Revenue Growth ~30% Services Growth ~1,650 Built Sites(3) 0.0% Deve
Slide 8: 2025 Organic Tenant Billings Growth Outlook
2025 Organic Tenant Billings Growth Outlook(1)(2) ~12% ~5.5% ~6% ≥5.3% ~5% ~5% ≥4.3% ~2% Total U.S. & Canada International Africa & APAC Europe LatAm Impact of Sprint Churn(3) › On-going 5G coverage and 4G densification supporting solid, consistent global new leasing demand › Final year of Sprint ch
Slide 9: 2025 Property Revenue Outlook
2025 Property Revenue Outlook(1) ($ in millions) $110 $175 $175 ($170) $9,995 $9,934 ($229) >0.5% Y/Y Growth; ~3% Y/Y FX-Neutral Growth(2) 2024 U.S & International Data Straight-Line/ FX 2025 Canada Centers Pass-Through Outlook › Organic tenant billings complemented by ~12% U.S. Data Center growth a
Slide 10: 2025 Adjusted EBITDA Outlook
2025 Adjusted EBITDA Outlook(1) ($ in millions) $391 $29 $20 $6,812 ($210) $6,890 ($152) ~1% Y/Y Growth; >3% Y/Y FX-Neutral Growth(2) 2024 Property Cash Gross Services Gross Cash SG&A Net FX 2025 Margin Margin Reduction Straight-Line Outlook 66.8% Cash Margin 67.4% Cash Margin › Efficiency initiativ
Slide 11: 2025 Attributable AFFO Outlook
2025 Attributable AFFO Outlook(1) ($ in millions) $4,934 $440 (Reported) ($100) $4,875 ($126) $4,661 (As Adjusted)(2) $9.96 per Share >4% Y/Y per Share Growth (As Adjusted); ~7% FX-Neutral Growth (As Adjusted)(3) $10.40 per Share (As Adjusted)(2) 2024 Cash Adjusted Financing FX 2025 EBITDA Costs / O
Slide 12: Capital Allocation & Balance Sheet Management
Capital Allocation & Balance Sheet Management ($ in billions, totals may not add due to rounding) 2025 Outlook Capital Deployments(1) Balance Sheet Management Discretionary Capital Projects 12/31/2023 12/31/2024 by Region Emerging U.S. & Net Leverage (LQA) 5.2x 5.1x Markets(4) Canada Discretionary (
Slide 13: In Summary
In Summary Solid Performance in 2024 › Global carriers continue to rapidly deploy spectrum assets and densify networks to address growing mobile data demand › CoreSite performance continues to exceed initial underwriting; record leasing volumes provide attractive growth runway › Focus on efficiency
Slide 14: Definitions
Definitions Adjusted EBITDA: Net income before income (loss) from equity method investments; Income (loss) from discontinued operations, net of taxes; Income tax benefit (provision); Other income (expense); Gain (loss) on retirement of long-term obligations; Interest expense; Interest income; Other
Slide 15: Definitions (continued)
Definitions (continued) New Site Tenant Billings: Day-one Tenant Billings associated with sites that have been built or acquired since the beginning of the prior-year period. Incremental colocations/amendments, escalations or cancellations that occur on these sites after the date of their addition t
Slide 16: 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 17: Historical Reconciliations
Historical Reconciliations ($ in millions, totals may not add due to rounding) RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME(1) 2014 2015 2016 2017 2018(2) 2019 2020 2021 2022 2023 4Q23 4Q24 2024 Net income $803 $672 $970 $1,225 $1,265 $1,917 $1,692 $2,568 $1,697 $1,367 $13 $1,231 $2,280 Loss (inc
Slide 18: 2025 Outlook Reconciliations
2025 Outlook Reconciliations(1)(2) ($ 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 2025 Net income $2,930 to $3,020 Interest expense 1,375 to 1,355 Depreciation, amortization and accretion 1,
Slide 19: Reconciliations
Reconciliations ($ in millions, except per share amounts & as noted, totals may not add due to rounding) Estimated Q4 2024 FX-Neutral (1) Q4 2024 FX-Neutral Reconciliations Q4 2023 Q4 2024 Growth Rate FX Impact Q4 2023 FX-Neutral Growth Rate Total Property Revenue $2,435 $2,484 2.0% (~$82) $2,435 $2
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