American Tower Corporation (reit) · NYSE:AMT
American Tower Corporation (reit) — Q1 2023 Earnings Presentation
21 slides from American Tower Corporation (reit)'s earnings presentation, Apr 26, 2023
Slide 1: First Quarter 2023 Earnings Conference Call
First Quarter 2023 Earnings Conference Call April 26, 2023
Slide 2: Agenda
Agenda Introduction Adam Smith Senior 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 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 Y/Y FX-Neutral $ in millions, except per share data 1Q23 1Q22 Change Change(1) Total property revenue $2,715 $2,601 4.4% 6.9% Total revenue $2,767 $2,660 4.0% 6.5% Net income attributable to AMT common (2) $336 $712 (52.8%) N/A stockholders (2) Per diluted share a
Slide 5: Financial Results
Financial Results Rod Smith Executive Vice President, Chief Financial Officer and Treasurer
Slide 6: Q1 2023 Property Revenue
Q1 2023 Property Revenue ($ in millions) Property Revenue Organic Tenant Billings Growth(2) $2,715 $2,601 12.1% 8.2% >7% ~7% 7.5% 6.1% 4.4% Growth 6.4% 6.9% FX-Neutral Growth(1) 5.6% 3.4% 7.3% Tenant Billings Growth Q1 2022 Q1 2023 Total U.S. & Intl APAC LatAm Europe Africa Canada Impact of Sprint C
Slide 7: Q1 2023 Adjusted EBITDA and Attributable AFFO
Q1 2023 Adjusted EBITDA and Attributable AFFO ($ in millions) Adjusted EBITDA AFFO Attributable to AMT $1,763 Common Stockholders $1,624 $1,167 $1,185 1.5% Growth 8.6% Growth 2.7% FX-Neutral Growth(1) 9.9% FX-Neutral Growth(1) (0.4%) Per Share Growth Q1 2022 Q1 2023 Q1 2022 Q1 2023 61.0% Margin 63.7
Slide 8: Updating 2023 Property Revenue Outlook
Updating 2023 Property Revenue Outlook(1) ($ in millions) $10,775 $25 $10,755 ($45) ~3% Growth, or ~4% on an FX-neutral basis(2), vs. 2022 Prior Mexico FX Current Outlook Fiber Sale(3) Outlook › Decreasing Property Revenue outlook midpoint by $20 million vs. prior outlook › FX improvements partially
Slide 9: Reiterating 2023 Organic Tenant Billings Growth Outlook
Reiterating 2023 Organic Tenant Billings Growth Outlook(1)(2) ~9% ~7-8% ~6% >6% ~5% ~5% >5% ~4% >2% Total U.S. & Canada International LatAm APAC Europe Africa Impact of Sprint Churn(3) › Continue to assume record new business contributions in the U.S. & Canada, and lower contractual Sprint churn › R
Slide 10: Reiterating 2023 Adjusted EBITDA Outlook
Reiterating 2023 Adjusted EBITDA Outlook(1) ($ in millions) $6,915 $25 $6,915 ($25) ~4% Growth, or ~5% on an FX-neutral basis(2), vs. 2022 Prior Prior Outlook Mexico MexicoFiber FX FX Current Current Outlook Outlook Fiber Sale Outlook 62.6% Margin 62.9% Margin › Reiterating Adjusted EBITDA outlook m
Slide 11: Updating 2023 Attributable AFFO Outlook
Updating 2023 Attributable AFFO Outlook(1) ($ in millions) $4,485 $25 $20 $4,505 ($25) $9.65 $9.60 per Share per Share (~1%) per Share Growth, or (0.5%) on an FX-neutral basis(2), vs. 2022 Prior Cash Adjusted Cash Taxes / FX Current Outlook EBITDA Net Interest Outlook › Raising Attributable AFFO per
Slide 12: Capital Allocation & Balance Sheet Management
Capital Allocation & Balance Sheet Management ($ in billions, totals may not add due to rounding) 2023E Capital Deployment(1) Balance Sheet Management 12/31/2022 3/31/2023 Net Leverage Discretionary 5.4x 5.2x (LQA) Common Capex Stock $1.5 Liquidity ($B) $7.1 $7.7 Dividends (2) $3.0 Fixed / Floating
Slide 13: In Summary
In Summary Strong Q1 Performance › Consolidated Organic Tenant Billings Growth representing the highest quarter since 2017 › Another record quarter of signed new business from CoreSite › 11th consecutive quarter of over 1,000 built sites, constructing 1,300+ in Q1 2023 › Prudent cost controls across
Slide 14: Definitions
Definitions Adjusted EBITDA: Net income before income (loss) from equity method investments; Income tax benefit (provision); Other income (expense); Gain (loss) on retirement of long-term obligations; Interest expense; Interest income; Other operating income (expense); Depreciation, amortization and
Slide 15: Definitions (continued)
Definitions (continued) New Site Tenant Billings: Day-one Tenant Billings associated with sites that have been built or acquired since the beginning of the prior-year period. Incremental colocations/amendments, escalations or cancellations that occur on these sites after the date of their addition t
Slide 16: Risk Factors
Risk Factors This presentation contains “forward-looking statements” concerning our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions and other statements that are not necessarily based on historical facts and are inherently uncertain. W
Slide 17: Risk Factors (continued)
Risk Factors (continued) (16) complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities; (17) we could have liability under environmental and occupational safety and health laws; (18) our towers, fiber networks, data centers or computer syste
Slide 18: Historical Reconciliations
Historical Reconciliations ($ in millions, totals may not add due to rounding) RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME 2012 2013 2014 2015 2016 2017 2018(1) 2019 2020 2021 2022 1Q22 1Q23 Net income $594 $482 $803 $672 $970 $1,225 $1,265 $1,917 $1,692 $2,568 $1,697 $703 $315 Income from equit
Slide 19: Current 2023 Outlook Reconciliations
Current 2023 Outlook Reconciliations(1)(2) ($ 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 2023 Net income $1,770 to $1,880 Interest expense 1,395 to 1,375 Depreciation, amortization and accr
Slide 20: Prior 2023 Outlook Reconciliations
Prior 2023 Outlook Reconciliations(1)(2) ($ 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 2023 Net income $1,900 to $2,010 Interest expense 1,395 to 1,375 Depreciation, amortization and accret
Slide 21: Reconciliations
Reconciliations ($ in millions, except per share amounts & as noted, totals may not add due to rounding) Growth Estimated Q1 2023 FX-Neutral Q1 2023 FX-Neutral Reconciliations Q1 2022 Q1 2023 Rate FX Impact Q1 2022 FX-Neutral Growth Rate Total Property Revenue $2,601 $2,715 4.4% (~$66) $2,601 $2,781
American Tower Corporation (REIT) — Q1 2023 Earnings Presentation on 6ix