American Tower Corporation (reit) · NYSE:AMT
American Tower Corporation (reit) — Q1 2025 Earnings Presentation
17 slides from American Tower Corporation (reit)'s earnings presentation, Apr 29, 2025
Slide 1: First Quarter 2025 Earnings Conference Call
First Quarter 2025 Earnings Conference Call April 29, 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 $ in millions, except per share data Q1 2025 Q1 2024(1) Y/Y Change FX-Neutral Change(2) Total property revenue $2,488 $2,482 0.2% 3.2% Total revenue $2,563 $2,513 2.0% 4.9% Net income attributable to AMT common stockholders(3)(4) $489 $917 (46.7%) N/A Per diluted shar
Slide 5: Financial Results
Financial Results Rod Smith Executive Vice President, Chief Financial Officer and Treasurer
Slide 6: Q1 2025 Property Revenue
Q1 2025 Property Revenue ($ in millions) Total Property Revenue(1) Organic Tenant Billings Growth(1)(2) $2,482 $2,488 13.2% 0.2% Growth 6.7% 3.2% FX-Neutral Growth(3) >5.5% 5.4% ~5.0% 5.2% Tenant Billings Growth 4.7% 3.0% 3.6% Q1 2024 Q1 2025 Total U.S. & Intl Africa & Europe LatAm Canada APAC Impac
Slide 7: Q1 2025 Adjusted EBITDA and Attributable AFFO
Q1 2025 Adjusted EBITDA and Attributable AFFO ($ in millions) Adjusted EBITDA(1) AFFO Attributable to AMT Common Stockholders $1,712 $1,744 $1,303 $1,290 1.9% Growth (1.0%) Growth 4.7% FX-Neutral Growth(2) 2.5% FX-Neutral Growth(2) (1.4%) Per Share Growth 6.6% As Adjusted Per Share Growth(3) Q1 2024
Slide 8: Raising 2025 Outlook
Raising 2025 Outlook(1) ($ in millions) Property Revenue Adjusted EBITDA Attributable AFFO $50 $10,045 $10.40 per Share $10.44 per Share $9,995 $6,920 $6,890 $30 $4,875 $20 $4,895 >1% Y/Y Growth; ~3% Y/Y FX-Neutral Growth(2) >1.5% Y/Y Growth; >3% Y/Y FX-Neutral Growth(2) ~5% Y/Y per Share Growth (As
Slide 9: Capital Allocation & Balance Sheet Management
Capital Allocation & Balance Sheet Management ($ in billions, totals may not add due to rounding) 2025 Outlook Capital Deployments(1) Balance Sheet Management Discretionary Capital Projects 12/31/2024 3/31/2025 by Region Emerging U.S. & Net Leverage (LQA) 5.1x 5.0x Markets(4) Canada Discretionary ~2
Slide 10: In Summary
In Summary Strong Q1 Performance › Resilient domestic and international carrier network investments continue to meet growing mobile data demand › CoreSite posting another strong quarter of new leasing and high-single-digit revenue growth › Continued cost discipline driving additional cash Adjusted E
Slide 11: 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 12: Definitions (continued)
Definitions (continued) Segment Gross Margin: Revenues less operating expenses, excluding depreciation, amortization and accretion, selling, general, administrative and development expense and other operating expenses. The Company believes this measure provides valuable insight into the site-level p
Slide 13: 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 14: 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 2024 1Q24 1Q25 Net income $803 $672 $970 $1,225 $1,265 $1,917 $1,692 $2,568 $1,697 $1,367 $2,280 $922 $499 (Income) l
Slide 15: 2025 Current Outlook Reconciliations
2025 Current Outlook Reconciliations(1)(2) ($ 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 2025 Net income $2,740 to $2,840 Interest expense 1,370 to 1,350 Depreciation, amortization and accr
Slide 16: 2025 Prior Outlook Reconciliations
2025 Prior Outlook Reconciliations(1)(2) ($ 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 2025 Net income $2,930 to $3,020 Interest expense 1,375 to 1,355 Depreciation, amortization and accret
Slide 17: Reconciliations
Reconciliations ($ in millions, except per share amounts & as noted, totals may not add due to rounding) Estimated Q1 2025 FX-Neutral Q1 2025 FX-Neutral Reconciliations(1) Q1 2024 Q1 2025 Growth Rate FX Impact Q1 2024 FX-Neutral Growth Rate Total Property Revenue $2,482 $2,488 0.2% (~$74) $2,482 $2,
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