21 slides from American Tower Corporation (reit)'s earnings presentation, Oct 28, 2021
Slide 1: Third Quarter 2021 Earnings Conference Call
Third Quarter 2021 Earnings Conference Call October 28, 2021
Slide 2: Agenda
Agenda Introduction Igor Khislavsky Vice President, Investor Relations Opening Remarks Tom Bartlett 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 concerning our goals, beliefs, strategies, future operating results and underlying assumptions. Actual results may differ materially fr
Slide 4: Consolidated Results Highlights
Consolidated Results Highlights Y/Y Y/Y FX-Neutral $ in millions, except per share data Q3 2021 Q3 2020 (1) Change Change Total Property Revenue $2,369 $1,988 19.2% 18.2% Total Revenue $2,454 $2,013 21.9% 21.0% Net income attributable to AMT (2) (3) $723 $464 55.7% N/A Common Stockholders (2) (3) Pe
Slide 5: Financial Results
Financial Results Rod Smith Executive Vice President, Chief Financial Officer and Treasurer
Slide 6: Q3 2021 Property Revenue
Q3 2021 Property Revenue ($ in millions) Property Revenue Organic Tenant Billings Growth $2,369 9.4% 7.0% $1,988 5.9% 4.9% 5.4% 4.3% 19.2% Growth 18.2% FX-neutral Growth(1) 15.0% Tenant Billings Growth 0.7% Q3 2020 Q3 2021 Total US & Intl Africa LatAm Europe APAC Canada › Consistent organic performa
Slide 7: Q3 2021 Adjusted EBITDA and Consolidated AFFO
Q3 2021 Adjusted EBITDA and Consolidated AFFO(1) ($ in millions, except per share data) Adjusted EBITDA Consolidated AFFO $1,552 $1,158 $1,298 $1,022 13.3% Growth 19.5% Growth 10.5% Per Share Growth 18.5% FX-neutral Growth 9.2% FX-neutral Per Share Growth Q3 2020 Q3 2021 Q3 2020 Q3 2021 64.5% Margin
Slide 8: Raising Property Revenue Outlook
Raising Property Revenue Outlook(1) ($ in millions) $9,060 ~$32 ~$8 $9,070 (~$30) ~14% Growth vs. 2020, with over $1.1 Billion in Incremental Property Revenue Prior Outlook Straight-line/ Other FX Current Outlook Pass-through Outperformance › Raising Property Revenue midpoint by ~$10 million vs. pri
Slide 9: Reiterating Organic Tenant Billings Growth Outlook
Reiterating Organic Tenant Billings Growth Outlook(1) >8% >7% ~5-6% >5% ~4.5% ~4% ~4% ~3% ~0% Total U.S. & Canada International Africa LatAm Europe APAC Impact of Sprint Churn(2) › Consistent global Organic Tenant Billings Growth expectations › Solid U.S. gross new business trends driven by accelera
Slide 10: Raising Adjusted EBITDA Outlook
Raising Adjusted EBITDA Outlook(1) ($ in millions) $5,910 ~$40 ~$22 ~$8 $5,960 (~$20) ~16% Growth vs. 2020, +$50m vs. Prior Outlook Prior Outlook Property Gross Services Gross SG&A FX Current Outlook Margin Margin 63.7% Margin 64.1% Margin › Operational efficiency and cost controls driving improved
Slide 11: Raising AFFO Outlook
Raising AFFO Outlook(1) ($ in millions, except per share data) ~$60 ~$15 $4,365 $4,305 (~$15) $4,265 ($100) ~14% per Share Growth vs. 2020 +$60 Million vs. Prior Outlook Prior Consolidated Cash Adjusted Cash Tax/Net Cash FX Consolidated Minority Interest Attributable AFFO AFFO Outlook EBITDA Interes
Slide 12: Capital Allocation & Balance Sheet Management
Capital Allocation & Balance Sheet Management ($ in billions, totals may not add due to rounding) 2021E Capital Deployment 2017-2021E Capital Allocation(3)(4) Weighted Average Debt Tenor Discretionary Capex $1.4 U.S. & Dividends & Canada ~7 Years Share Repurchases 20% 25% Common Stock M&A (2) ~4 Yea
Slide 13: In Summary
In Summary Strong Third Quarter › Telxius transaction fully closed and funded, rapid integration in process › Another quarter of record services volumes in the U.S. indicative of healthy levels of 5G activity › International new site demand continues to drive profitable new build program › Proactive
Slide 14: Definitions
Definitions Adjusted EBITDA: Net income before income (loss) from equity method investments; Income tax benefit (provision); Other income (expense); Gain (loss) on retirement of long-term obligations; Interest expense; Interest income; Other operating income (expense); Depreciation, amortization and
Slide 15: Definitions (continued)
Definitions (continued) New Site Tenant Billings Growth: The portion of Tenant Billings Growth attributable to New Site Tenant Billings. The Company believes this measure provides valuable insight into the growth attributable to Tenant Billings from recently acquired or constructed properties. The C
Slide 16: Risk Factors
Risk Factors This presentation contains “forward-looking statements” concerning our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions and other statements that are not necessarily based on historical facts. Examples of these statements i
Slide 17: Risk Factors (continued)
Risk Factors (continued) (15) we could have liability under environmental and occupational safety and health laws; (16) our towers, fiber networks, data centers or computer systems may be affected by natural disasters, security breaches and other unforeseen events for which our insurance may not pro
Slide 18: Historical Reconciliations
Historical Reconciliations ($ in millions, totals may not add due to rounding) RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (1) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q3 2020 Q3 2021 Net income $382 $594 $482 $803 $672 $970 $1,225 $1,265 $1,917 $1,692 $463 $726 Income from equity metho
Slide 19: Current 2021 Outlook Reconciliations
Current 2021 Outlook Reconciliations(1)(2) ($ in millions, totals may not add due to rounding) Reconciliations of Outlook for Adjusted EBITDA to Net Income: Full Year 2021 Net income $2,600 to $2,660 Interest expense 870 to 860 Depreciation, amortization and accretion 2,305 to 2,315 Income tax provi
Slide 20: Prior 2021 Outlook Reconciliations
Prior 2021 Outlook Reconciliations(1)(2) ($ in millions, totals may not add due to rounding) Reconciliations of Outlook for Adjusted EBITDA to Net Income: Full Year 2021 Net income $2,410 to $2,510 Interest expense 875 to 855 Depreciation, amortization and accretion 2,295 to 2,315 Income tax provisi
Slide 21: Other Reconciliations
Other Reconciliations ($ in millions, except per share amounts, totals may not add due to rounding) Growth Estimated Q3 2021 FX-Neutral Q3 2021 FX-Neutral Reconciliations Q3 2020 Q3 2021 Rate FX Impact Q3 2020 FX-Neutral Growth Rate Total Property Revenue $1,988 $2,369 19.2% ~$19 $1,988 $2,350 18.2%