CONSOLIDATED HIGHLIGHTS Second Quarter 2020
- Total revenue increased 1.2% to $1,913 million
- Property revenue increased 2.4% to $1,893 million
- Net income increased 3.2% to $448 million
- Adjusted EBITDA increased 2.4% to $1,212 million
- Consolidated AFFO increased 1.6% to $924 million
American Tower Corporation (NYSE: AMT) today reported financial
results for the quarter ended June 30, 2020.
Tom Bartlett, American Tower’s Chief Executive Officer, stated,
“Our global business delivered solid underlying results in the
second quarter despite the ongoing challenges presented by the
COVID-19 pandemic as we focused on helping our tenants preserve and
enhance essential connectivity for their customers. As a result,
our dividend increased by nearly 20% and we were able to further
strengthen our investment-grade balance sheet while constructing
more than 500 towers across our international markets.
We believe our existing diverse global portfolio, substantial
liquidity and proven capital allocation strategy position us well
to drive recurring, long-term growth and increasing return on
invested capital as we execute our vision of making wireless
communication possible everywhere.”
CONSOLIDATED OPERATING RESULTS OVERVIEW
American Tower generated the following operating results for the
quarter ended June 30, 2020 (all comparative information is
presented against the quarter ended June 30, 2019).
($ in millions, except per share
amounts.)
Q2 2020
Growth Rate
Total
revenue.........................................................................................................................
$
1,913
1.2
%
Total property
revenue.........................................................................................................................
$
1,893
2.4
%
Total Tenant Billings
Growth.........................................................................................................................
$
146
9.9
%
Organic Tenant Billings
Growth.........................................................................................................................
$
73
5.0
%
Property Gross
Margin.........................................................................................................................
$
1,363
4.9
%
Property Gross Margin
%.........................................................................................................................
72.0
%
Net
income.........................................................................................................................
$
448
3.2
%
Net income attributable to AMT common
stockholders.........................................................................................................................
$
446
4.0
%
Net income attributable to AMT common
stockholders per diluted
share.........................................................................................................................
$
1.00
4.2
%
Adjusted
EBITDA.........................................................................................................................
$
1,212
2.4
%
Adjusted EBITDA Margin
%.........................................................................................................................
63.3
%
Nareit Funds From Operations (FFO)
attributable to AMT common
stockholders.........................................................................................................................
$
863
4.1
%
Consolidated
AFFO.........................................................................................................................
$
924
1.6
%
Consolidated AFFO per
Share.........................................................................................................................
$
2.07
1.5
%
AFFO attributable to AMT common
stockholders.........................................................................................................................
$
898
0.5
%
AFFO attributable to AMT common
stockholders per
Share.........................................................................................................................
$
2.01
0.0
%
Cash provided by operating
activities.........................................................................................................................
$
989
(4.6)
%
Less: total cash capital
expenditures(1)
$
221
(10.6)
%
Free Cash
Flow.........................................................................................................................
$
768
(2.7)
%
_______________
(1)
Q2 2020 cash capital expenditures include
$11.9 million of finance lease and perpetual land easement payments
reported in cash flows from financing activities in the condensed
consolidated statements of cash flows.
Please refer to “Non-GAAP and Defined Financial Measures” below
for definitions and other information regarding the Company’s use
of non-GAAP measures. For financial information and reconciliations
to GAAP measures, please refer to the “Unaudited Selected
Consolidated Financial Information” below.
CAPITAL ALLOCATION OVERVIEW
Distributions – During the quarter ended June 30, 2020,
the Company declared the following regular cash distributions to
its common stockholders:
Common Stock Distributions
Q2 2020(1)
Distributions per
share.........................................................................................................................................
$
1.10
Aggregate amount (in
millions).........................................................................................................................................
$
488
Year-over-year per share
growth.........................................................................................................................................
19.6
%
_______________
(1)
The distribution declared on May 19, 2020
was paid in the third quarter of 2020 to stockholders of record as
of the close of business on June 19, 2020.
Stock Repurchase Program – During the second quarter of
2020, the Company repurchased a total of approximately 51 thousand
shares of its common stock under its stock repurchase program for
approximately $11 million. As of June 30, 2020, the Company had
approximately $2.0 billion remaining under its existing stock
repurchase programs.
Capital Expenditures – During the second quarter of 2020,
total capital expenditures were approximately $221 million, of
which $32 million was for non-discretionary capital improvements
and corporate capital expenditures. For additional capital
expenditure details, please refer to the supplemental disclosure
package available on the Company’s website.
Acquisitions – During the second quarter of 2020, the
Company spent approximately $128 million to acquire 350
communications sites, primarily in international markets, including
19 communications sites in the Company’s 20th market, Poland. In
addition, the Company spent approximately $55 million to purchase
102 towers under its previously disclosed sublease agreement with
AT&T.
Other Events – In April 2019, Tata Teleservices Limited
served notice of exercise of its put options with respect to 100%
of its remaining combined holdings with Tata Sons in ATC Telecom
Infrastructure Private Limited (“ATC TIPL”). The Company expects to
pay INR 24.8 billion (approximately $329 million at the June 30,
2020 exchange rate) to redeem the put shares in 2020, subject to
regulatory approval. After the completion of the redemption, the
Company will hold an approximately 92% ownership interest in ATC
TIPL.
LEVERAGE AND FINANCING OVERVIEW
Leverage – For the quarter ended June 30, 2020, the
Company’s Net Leverage Ratio was 4.8x net debt (total debt less
cash and cash equivalents) to second quarter 2020 annualized
Adjusted EBITDA.
Calculation of Net Leverage Ratio
($ in millions, totals may not add due to rounding)
As of June 30, 2020
Total
debt.....................................................................................................................
$
25,215
Less: Cash and cash
equivalents.....................................................................................................................
2,038
Net
Debt.....................................................................................................................
23,177
Divided By: Second quarter annualized
Adjusted EBITDA(1)
4,846
Net Leverage
Ratio.....................................................................................................................
4.8x
_______________
(1)
Q2 2020 Adjusted EBITDA multiplied by
four.
Liquidity and Financing Activities – As of June 30, 2020,
the Company had nearly $6.5 billion of total liquidity, consisting
of $2.0 billion in cash and cash equivalents plus the ability to
borrow an aggregate of approximately $4.5 billion under its
revolving credit facilities, net of any outstanding letters of
credit.
During the second quarter of 2020, the Company increased the
commitments under each of its 2019 multicurrency credit facility
and 2019 credit facility by $100.0 million to $3.1 billion and
$2.35 billion, respectively.
Additionally, including activity subsequent to the end of the
second quarter, the Company redeemed or repaid a total of $2.5
billion in senior unsecured and secured debt, issued a total of
$2.0 billion in new senior unsecured notes and entered into a $1.14
billion unsecured term loan, which was subsequently increased to
$1.19 billion. Pro forma for this activity, the Company’s total
liquidity was approximately $5.1 billion.
FULL YEAR 2020 OUTLOOK
The following full year 2020 financial and operational estimates
are based on a number of assumptions that management believes to be
reasonable and reflect the Company’s expectations as of July 30,
2020. Actual results may differ materially from these estimates as
a result of various factors, and the Company refers you to the
cautionary language regarding “forward-looking” statements included
in this press release when considering this information.
As of July 30, 2020, based on currently available information
and outside of foreign currency translation effects, the Company
does not anticipate significant impacts to its underlying operating
results in 2020 as a result of the coronavirus (“COVID-19”)
pandemic. This is subject to change depending on future
developments, which are highly uncertain and cannot be predicted at
this time. Additional information pertaining to the impact of
COVID-19 on the Company will be provided in our upcoming Form 10-Q
for the six months ended June 30, 2020.
The Company’s outlook is based on the following average foreign
currency exchange rates to 1.00 U.S. Dollar for July 30, 2020
through December 31, 2020: (a) 84.30 Argentinean Pesos; (b) 5.30
Brazilian Reais; (c) 800 Chilean Pesos; (d) 3,800 Colombian Pesos;
(e) 0.89 Euros; (f) 5.80 Ghanaian Cedis; (g) 75.60 Indian Rupees;
(h) 108 Kenyan Shillings; (i) 22.60 Mexican Pesos; (j) 390 Nigerian
Naira; (k) 6,770 Paraguayan Guarani; (l) 3.50 Peruvian Soles; (m)
4.00 Polish Zloty; (n) 17.45 South African Rand; (o) 3,770 Ugandan
Shillings; and (p) 600 West African CFA Francs.
The Company is lowering the midpoint of its full year 2020
outlook for property revenue, net income and Adjusted EBITDA by $30
million, $50 million and $40 million, respectively, while raising
the midpoint of its outlook for Consolidated AFFO by $20
million.
The Company’s outlook reflects estimated favorable impacts of
foreign currency exchange rate fluctuations to property revenue,
Adjusted EBITDA and Consolidated AFFO of approximately $45 million,
$20 million and $20 million, respectively, as compared to the
Company’s prior 2020 outlook. This is expected to be offset by
approximately $15 million in lower straight-line revenue in the
U.S., approximately $50 million in lower currency-neutral
pass-through revenue in international markets and approximately $75
million in additional bad debt expense, primarily in India, for the
full year. The impact of foreign currency exchange rate
fluctuations on net income is not provided, as the impact on all
components of the net income measure cannot be calculated without
unreasonable effort.
Additional information pertaining to the impact of foreign
currency and London Interbank Offered Rate (“LIBOR”) fluctuations
on the Company’s outlook has been provided in the supplemental
disclosure package available on the Company’s website.
2020 Outlook ($ in millions)
Full Year 2020
Midpoint Growth Rates vs.
Prior Year
Total property revenue(1)
$
7,655
to
$
7,785
3.4
%
Net
income...................................................................................................
1,750
to
1,830
(6.6
)%
Adjusted
EBITDA...................................................................................................
4,890
to
4,970
3.9
%
Consolidated
AFFO...................................................................................................
3,630
to
3,710
4.2
%
_______________
(1)
Includes U.S. property revenue of $4,350
million to $4,410 million and international property revenue of
$3,305 million to $3,375 million, reflecting midpoint growth rates
of 4.6% and 1.9%, respectively. The U.S. growth rate includes an
estimated positive impact of less than 1% associated with an
increase in non-cash straight-line revenue recognition. The
international growth rate includes an estimated negative impact of
approximately 8% from the translational effects of foreign currency
exchange rate fluctuations. International property revenue reflects
the Company’s Latin America, Africa, Europe and Asia segments.
2020 Outlook for Total Property
revenue, at the midpoint, includes the following components(1):
($ in millions, totals may not add due to rounding.)
U.S. Property
International
Property(2)
Total Property
International pass-through
revenue...................................................................................................................
N/A
$
969
$
969
Straight-line
revenue...................................................................................................................
170
29
199
_______________
(1)
For additional discussion regarding these
components, please refer to “Revenue Components” below.
(2)
International property revenue reflects
the Company’s Latin America, Africa, Europe and Asia segments.
2020 Outlook for Total Tenant Billings
Growth, at the midpoint, includes the following components(1):
(Totals may not add due to rounding.)
U.S. Property
International
Property(2)
Total Property
Organic Tenant
Billings.....................................................................................................................
~4.5%
~5%
~4.5-5%
New Site Tenant
Billings.....................................................................................................................
<0.5%
~13%
~5%
Total Tenant Billings
Growth.....................................................................................................................
~5%
~18%
~9-10%
_______________
(1)
For additional discussion regarding the
component growth rates, please refer to “Revenue Components”
below.
(2)
International property revenue reflects
the Company’s Latin America, Africa, Europe and Asia segments.
Outlook for Capital Expenditures:
($ in millions, totals may not add due to rounding.)
Full Year 2020
Discretionary capital projects(1)
$
360
to
$
390
Ground lease
purchases............................................................................................................................................
175
to
185
Start-up capital
projects............................................................................................................................................
130
to
150
Redevelopment............................................................................................................................................
215
to
235
Capital
improvement............................................................................................................................................
135
to
155
Corporate............................................................................................................................................
10
—
10
Total.....................................................................................................................................
$
1,025
to
$
1,125
_______________
(1)
Includes the construction of 4,500 to
5,500 communications sites globally.
Reconciliation of Outlook for Adjusted
EBITDA to Net income: ($ in millions, totals may not add due to
rounding.)
Full Year 2020
Net
income............................................................................................................................................
$
1,750
to
$
1,830
Interest
expense............................................................................................................................................
820
to
800
Depreciation, amortization and
accretion............................................................................................................................................
1,845
to
1,865
Income tax
provision............................................................................................................................................
105
to
115
Stock-based compensation
expense............................................................................................................................................
120
—
120
Other, including other operating expenses,
interest income, gain (loss) on retirement of long-term obligations
and other income (expense)
250
to
240
Adjusted
EBITDA....................................................................................................................................
$
4,890
to
$
4,970
Reconciliation of Outlook for
Consolidated AFFO to Net income: ($ in millions, totals may not
add due to rounding.)
Full Year 2020
Net
income............................................................................................................................................
$
1,750
to
$
1,830
Straight-line
revenue............................................................................................................................................
(199)
—
(199)
Straight-line
expense............................................................................................................................................
52
—
52
Depreciation, amortization and
accretion............................................................................................................................................
1,845
to
1,865
Stock-based compensation
expense............................................................................................................................................
120
—
120
Deferred portion of income
tax............................................................................................................................................
(39)
—
(39)
Other, including other operating expense,
amortization of deferred financing costs, capitalized interest,
debt discounts and premiums, gain (loss) on retirement of long-term
obligations, other income (expense), long-term deferred interest
charges and distributions to minority interests
246
—
246
Capital improvement capital
expenditures............................................................................................................................................
(135)
to
(155)
Corporate capital
expenditures............................................................................................................................................
(10)
—
(10)
Consolidated AFFO
$
3,630
to
$
3,710
Conference Call Information
American Tower will host a conference call today at 8:30 a.m. ET
to discuss its financial results for the quarter ended June 30,
2020 and its revised outlook for 2020. Supplemental materials for
the call will be available on the Company’s website, www.americantower.com. The conference call dial-in
numbers are as follows:
U.S./Canada dial-in: (877) 692-8955
International dial-in: (234) 720-6979 Passcode: 6634162
When available, a replay of the call can be accessed until 11:59
p.m. ET on August 13, 2020. The replay dial-in numbers are as
follows:
U.S./Canada dial-in: (866) 207-1041
International dial-in: (402) 970-0847 Passcode: 3605283
American Tower will also sponsor a live simulcast and replay of
the call on its website, www.americantower.com.
About American Tower
American Tower, one of the largest global REITs, is a leading
independent owner, operator and developer of multitenant
communications real estate with a portfolio of approximately
181,000 communications sites. For more information about American
Tower, please visit the “Earnings Materials” and “Investor
Presentations” sections of our investor relations website at
www.americantower.com.
Non-GAAP and Defined Financial Measures
In addition to the results prepared in accordance with generally
accepted accounting principles in the United States (GAAP) provided
throughout this press release, the Company has presented the
following Non-GAAP and Defined Financial Measures: Gross Margin,
Operating Profit, Operating Profit Margin, Adjusted EBITDA,
Adjusted EBITDA Margin, Nareit Funds From Operations (FFO)
attributable to American Tower Corporation common stockholders,
Consolidated Adjusted Funds From Operations (AFFO), AFFO
attributable to American Tower Corporation common stockholders,
Consolidated AFFO per Share, AFFO attributable to American Tower
Corporation common stockholders per Share, Free Cash Flow, Net
Debt, Net Leverage Ratio and Indian Carrier Consolidation-Driven
Churn (ICCC). In addition, the Company presents: Tenant Billings,
Tenant Billings Growth, Organic Tenant Billings Growth and New Site
Tenant Billings Growth.
These measures are not intended to replace financial performance
measures determined in accordance with GAAP. Rather, they are
presented as additional information because management believes
they are useful indicators of the current financial performance of
the Company's core businesses and are commonly used across its
industry peer group. As outlined in detail below, the Company
believes that these measures can assist in comparing company
performance on a consistent basis irrespective of depreciation and
amortization or capital structure, while also providing valuable
incremental insight into the underlying operating trends of its
business.
Depreciation and amortization can vary significantly among
companies depending on accounting methods, particularly where
acquisitions or non-operating factors, including historical cost
basis, are involved. The Company's Non-GAAP and Defined Financial
Measures may not be comparable to similarly titled measures used by
other companies.
Revenue Components
In addition to reporting total revenue, the Company believes
that providing transparency around the components of its revenue
provides investors with insight into the indicators of the
underlying demand for, and operating performance of, its real
estate portfolio. Accordingly, the Company has provided disclosure
of the following revenue components: (i) Tenant Billings, (ii) New
Site Tenant Billings; (iii) Organic Tenant Billings; (iv)
International pass-through revenue; (v) Straight-line revenue; (vi)
Pre-paid amortization revenue; (vii) Foreign currency exchange
impact; and (viii) Other revenue.
Tenant Billings: The majority of the Company’s revenue is
generated from non-cancellable, long-term tenant leases. Revenue
from Tenant Billings reflects several key aspects of the Company’s
real estate business: (i) “colocations/amendments” reflects new
tenant leases for space on existing sites and amendments to
existing leases to add additional tenant equipment; (ii)
“escalations” reflects contractual increases in billing rates,
which are typically tied to fixed percentages or a variable
percentage based on a consumer price index; (iii) “cancellations”
reflects the impact of tenant lease terminations or non-renewals
or, in limited circumstances, when the lease rates on existing
leases are reduced; and (iv) “new sites” reflects the impact of new
property construction and acquisitions.
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 to our portfolio are
not included in New Site Tenant Billings. The Company believes
providing New Site Tenant Billings enhances an investor’s ability
to analyze the Company’s existing real estate portfolio growth as
well as its development program growth, as the Company’s
construction and acquisition activities can drive variability in
growth rates from period to period.
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.
International pass-through revenue: A portion of the
Company’s pass-through revenue is based on power and fuel expense
reimbursements and therefore subject to fluctuations in fuel
prices. As a result, revenue growth rates may fluctuate depending
on the market price for fuel in any given period, which is not
representative of the Company’s real estate business and its
economic exposure to power and fuel costs. Furthermore, this
expense reimbursement mitigates the economic impact associated with
fluctuations in operating expenses, such as power and fuel costs
and land rents in certain of the Company’s markets. As a result,
the Company believes that it is appropriate to provide insight into
the impact of pass-through revenue on certain revenue growth
rates.
Straight-line revenue: Under GAAP, the Company recognizes
revenue on a straight-line basis over the term of the contract for
certain of its tenant leases. Due to the Company’s significant base
of non-cancellable, long-term tenant leases, this can result in
significant fluctuations in growth rates upon tenant lease signings
and renewals (typically increases), when amounts billed or received
upfront upon these events are initially deferred. These signings
and renewals are only a portion of the Company’s underlying
business growth and can distort the underlying performance of our
Tenant Billings Growth. As a result, the Company believes that it
is appropriate to provide insight into the impact of straight-line
revenue on certain growth rates in revenue and select other
measures.
Pre-paid amortization revenue: The Company recovers a
portion of the costs it incurs for the redevelopment and
development of its properties from its tenants. These upfront
payments are then amortized over the initial term of the
corresponding tenant lease. Given this amortization is not
necessarily directly representative of underlying leasing activity
on its real estate portfolio, (i.e. does not have a renewal option
or escalation as our tenant leases do) the Company believes that it
is appropriate to provide insight into the impact of pre-paid
amortization revenue on certain revenue growth rates to provide
transparency into the underlying performance of our real estate
business.
Foreign currency exchange impact: The majority of the
Company’s international revenue and operating expenses are
denominated in each country’s local currency. As a result, foreign
currency fluctuations may distort the underlying performance of our
real estate business from period to period, depending on the
movement of foreign currency exchange rates versus the U.S. Dollar.
The Company believes it is appropriate to quantify the impact of
foreign currency exchange rate fluctuations on its reported growth
to provide transparency into the underlying performance of its real
estate business.
Other revenue: Other revenue represents revenue not
captured by the above listed items and can include items such as
tenant settlements and fiber solutions revenue.
Non-GAAP and Defined Financial Measure
Definitions
Tenant Billings Growth: The increase or decrease
resulting from a comparison of Tenant Billings for a current period
with Tenant Billings for the corresponding prior-year period, in
each case adjusted for foreign currency exchange rate fluctuations.
The Company believes this measure provides valuable insight into
the growth in recurring Tenant Billings and underlying demand for
its real estate portfolio.
Organic Tenant Billings Growth: The portion of Tenant
Billings Growth attributable to Organic Tenant Billings. The
Company believes that organic growth is a useful measure of its
ability to add tenancy and incremental revenue to its assets for
the reported period, which enables investors and analysts to gain
additional insight into the relative attractiveness, and therefore
the value, of the Company’s property assets.
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.
Indian Carrier Consolidation-Driven Churn (ICCC): Tenant
cancellations specifically attributable to short-term carrier
consolidation in India. Includes impacts of carrier exits from the
marketplace and carrier cancellations as a result of consolidation,
but excludes normal course churn. In prior periods, the Company
provided this additional metric to enhance transparency and provide
a better understanding of its recurring business.
Gross Margin: Revenues less operating expenses, excluding
stock-based compensation expense recorded in costs of operations,
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 profitability of its assets.
Operating Profit: Gross Margin less selling, general,
administrative and development expense, excluding stock-based
compensation expense and corporate expenses. The Company believes
this measure provides valuable insight into the site-level
profitability of its assets while also taking into account the
overhead expenses required to manage each of its operating
segments.
Operating Profit Margin: The percentage that results from
dividing Operating Profit by revenue.
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 accretion and
stock-based compensation expense. The Company believes this measure
provides valuable insight into the profitability of its operations
while at the same time taking into account the central overhead
expenses required to manage its global operations. In addition, it
is a widely used performance measure across the telecommunications
real estate sector.
Adjusted EBITDA Margin: The percentage that results from
dividing Adjusted EBITDA by total revenue.
Nareit Funds From Operations (FFO), as defined by the
National Association of Real Estate Investment Trusts (Nareit),
attributable to American Tower Corporation common stockholders:
Net income before gains or losses from the sale or disposal of real
estate, real estate related impairment charges, real estate related
depreciation, amortization and accretion and dividends on preferred
stock, and including adjustments for (i) unconsolidated affiliates
and (ii) noncontrolling interests. The Company believes this
measure provides valuable insight into the operating performance of
its property assets by excluding the charges described above,
particularly depreciation expenses, given the high initial,
up-front capital intensity of the Company’s operating model. In
addition, it is a widely used performance measure across the
telecommunications real estate sector.
Consolidated Adjusted Funds From Operations (AFFO):
Nareit FFO attributable to American Tower Corporation common
stockholders before (i) straight-line revenue and expense, (ii)
stock-based compensation expense, (iii) the deferred portion of
income tax, (iv) non-real estate related depreciation, amortization
and accretion, (v) amortization of deferred financing costs,
capitalized interest, debt discounts and premiums and long-term
deferred interest charges, (vi) other income (expense), (vii) gain
(loss) on retirement of long-term obligations, (viii) other
operating income (expense), and adjustments for (ix) unconsolidated
affiliates and (x) noncontrolling interests, less cash payments
related to capital improvements and cash payments related to
corporate capital expenditures. The Company believes this measure
provides valuable insight into the operating performance of its
property assets by further adjusting the Nareit FFO attributable to
American Tower Corporation common stockholders metric to exclude
the factors outlined above, which if unadjusted, may cause material
fluctuations in Nareit FFO attributable to American Tower
Corporation common stockholders growth from period to period that
would not be representative of the underlying performance of the
Company’s property assets in those periods. In addition, it is a
widely used performance measure across the telecommunications real
estate sector.
Adjusted Funds From Operations (AFFO) attributable to
American Tower Corporation common stockholders: Consolidated
AFFO, excluding the impact of noncontrolling interests on both
Nareit FFO attributable to American Tower Corporation common
stockholders and the other line items included in the calculation
of Consolidated AFFO. The Company believes that providing this
additional metric enhances transparency, given the minority
interests in its Indian and European businesses.
Consolidated AFFO per Share: Consolidated AFFO divided by
the diluted weighted average common shares outstanding.
AFFO attributable to American Tower Corporation common
stockholders per Share: AFFO attributable to American Tower
Corporation common stockholders divided by the diluted weighted
average common shares outstanding.
Free Cash Flow: Cash provided by operating activities
less total cash capital expenditures, including payments on finance
leases and perpetual land easements. The Company believes that Free
Cash Flow is useful to investors as the basis for comparing our
performance and coverage ratios with other companies in its
industry, although this measure of Free Cash Flow may not be
directly comparable to similar measures used by other
companies.
Net Debt: Total long-term debt, including current portion
and finance lease liabilities, less cash and cash equivalents.
Net Leverage Ratio: Net Debt divided by the quarter’s
annualized Adjusted EBITDA (the quarter’s Adjusted EBITDA
multiplied by four). The Company believes that including this
calculation is important for investors and analysts given it is a
critical component underlying its credit agency ratings.
Cautionary Language Regarding Forward-Looking
Statements
This press release 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 include, but are not
limited to, statements regarding our full year 2020 outlook and
other targets, foreign currency exchange rates, expectations for
the closing of signed acquisitions, our expectations for the
redemption of shares in ATC TIPL, our expectations regarding the
potential impacts of the Adjusted Gross Revenue court ruling in
India and factors that could affect such expectations, our
expectations regarding the impacts of COVID-19 and actions in
response to the pandemic on our business and our operating results
and factors that could affect such expectations and our
expectations regarding the leasing demand for communications real
estate. Actual results may differ materially from those indicated
in our forward-looking statements as a result of various important
factors, including: (1) a significant decrease in leasing demand
for our communications infrastructure would materially and
adversely affect our business and operating results, and we cannot
control that demand; (2) if our tenants consolidate their
operations, exit the telecommunications business or share site
infrastructure to a significant degree, our growth, revenue and
ability to generate positive cash flows could be materially and
adversely affected; (3) a substantial portion of our revenue is
derived from a small number of tenants, and we are sensitive to
adverse changes in the creditworthiness and financial strength of
our tenants; (4) our business, and that of our tenants, is subject
to laws, regulations and administrative and judicial decisions, and
changes thereto, that could restrict our ability to operate our
business as we currently do or impact our competitive landscape;
(5) increasing competition within our industry may materially and
adversely affect our revenue; (6) our foreign operations are
subject to economic, political and other risks that could
materially and adversely affect our revenues or financial position,
including risks associated with fluctuations in foreign currency
exchange rates; (7) our expansion and innovation initiatives
involve a number of risks and uncertainties, including those
related to integrating acquired or leased assets, that could
adversely affect our operating results, disrupt our operations or
expose us to additional risk; (8) new technologies or changes in
our or a tenant’s business model could make our tower leasing
business less desirable and result in decreasing revenues and
operating results; (9) competition for assets could adversely
affect our ability to achieve our return on investment criteria;
(10) our leverage and debt service obligations may materially and
adversely affect our ability to raise additional financing to fund
capital expenditures, future growth and expansion initiatives and
to satisfy our distribution requirements; (11) we may be adversely
affected by changes in LIBOR reporting practices, the method in
which LIBOR is determined or the use of alternative reference
rates; (12) 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 available cash flow; (13) complying with REIT
requirements may limit our flexibility or cause us to forego
otherwise attractive opportunities; (14) 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 provide adequate coverage; (15)
restrictive covenants in the agreements related to our
securitization transactions, our credit facilities and our debt
securities could materially and adversely affect our business by
limiting flexibility, and we may be prohibited from paying
dividends on our common stock, which may jeopardize our
qualification for taxation as a REIT; (16) our costs could increase
and our revenues could decrease due to perceived health risks from
radio emissions, especially if these perceived risks are
substantiated; (17) we could have liability under environmental and
occupational safety and health laws; (18) if we are unable to
protect our rights to the land under our towers, it could adversely
affect our business and operating results; and (19) if we are
unable or choose not to exercise our rights to purchase towers that
are subject to lease and sublease agreements at the end of the
applicable period, our cash flows derived from those towers will be
eliminated. For additional information regarding factors that may
cause actual results to differ materially from those indicated in
our forward-looking statements, we refer you to the information
contained in Item 1A of our Form 10-K for the year ended December
31, 2019, as updated in our Form 10-Q for the three months ended
March 31, 2020, under the caption “Risk Factors”. We undertake no
obligation to update the information contained in this press
release to reflect subsequently occurring events or
circumstances.
UNAUDITED CONSOLIDATED BALANCE
SHEETS
(In millions)
June 30, 2020
December 31, 2019
ASSETS
CURRENT ASSETS:
Cash and cash
equivalents.............................................................................................................................................
$
2,038.1
$
1,501.2
Restricted
cash.............................................................................................................................................
68.0
76.8
Accounts receivable,
net.............................................................................................................................................
585.2
462.2
Prepaid and other current
assets.............................................................................................................................................
535.3
513.6
Total current
assets....................................................................................................................................
3,226.6
2,553.8
PROPERTY AND EQUIPMENT,
net......................................................................................................................................................
11,545.7
12,084.4
GOODWILL......................................................................................................................................................
5,822.4
6,178.3
OTHER INTANGIBLE ASSETS,
net......................................................................................................................................................
11,613.8
12,318.4
DEFERRED TAX
ASSET......................................................................................................................................................
138.6
131.8
DEFERRED RENT
ASSET......................................................................................................................................................
1,841.3
1,771.1
RIGHT-OF-USE
ASSET......................................................................................................................................................
6,934.1
7,357.4
NOTES RECEIVABLE AND OTHER NON-CURRENT
ASSETS......................................................................................................................................................
393.4
406.4
TOTAL......................................................................................................................................................
$
41,515.9
$
42,801.6
LIABILITIES
CURRENT LIABILITIES:
Accounts
payable.............................................................................................................................................
$
108.2
$
148.1
Accrued
expenses.............................................................................................................................................
879.2
958.2
Distributions
payable.............................................................................................................................................
493.4
455.0
Accrued
interest.............................................................................................................................................
203.6
209.4
Current portion of operating lease
liability.............................................................................................................................................
494.3
494.5
Current portion of long-term
obligations.............................................................................................................................................
3,366.0
2,928.2
Unearned
revenue.............................................................................................................................................
400.2
294.3
Total current
liabilities....................................................................................................................................
5,944.9
5,487.7
LONG-TERM
OBLIGATIONS......................................................................................................................................................
21,849.2
21,127.2
OPERATING LEASE
LIABILITY......................................................................................................................................................
6,086.8
6,510.4
ASSET RETIREMENT
OBLIGATIONS......................................................................................................................................................
1,347.4
1,384.1
DEFERRED TAX
LIABILITY......................................................................................................................................................
804.2
768.3
OTHER NON-CURRENT
LIABILITIES......................................................................................................................................................
880.8
937.0
Total
liabilities....................................................................................................................................
36,913.3
36,214.7
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING
INTERESTS
542.3
1,096.5
EQUITY:
Common
stock.............................................................................................................................................
4.5
4.5
Additional paid-in
capital.............................................................................................................................................
10,297.8
10,117.7
Distributions in excess of
earnings.............................................................................................................................................
(1,125.1
)
(1,016.8
)
Accumulated other comprehensive
loss.............................................................................................................................................
(4,274.5
)
(2,823.6
)
Treasury
stock.............................................................................................................................................
(1,282.4
)
(1,226.4
)
Total American Tower Corporation
equity....................................................................................................................................
3,620.3
5,055.4
Noncontrolling
interests.............................................................................................................................................
440.0
435.0
Total
equity....................................................................................................................................
4,060.3
5,490.4
TOTAL......................................................................................................................................................
$
41,515.9
$
42,801.6
UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In millions, except share and per share
data)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
REVENUES:
Property............................................................................................................................
$
1,893.2
$
1,848.9
$
3,866.4
$
3,634.9
Services............................................................................................................................
19.8
40.7
39.7
68.1
Total operating
revenues...................................................................................................................
1,913.0
1,889.6
3,906.1
3,703.0
OPERATING EXPENSES:
Costs of operations (exclusive of items
shown separately below):
Property(1)
530.3
549.4
1,074.4
1,082.4
Services(1)
9.7
13.9
17.6
24.3
Depreciation, amortization and
accretion............................................................................................................................
454.9
448.9
927.2
885.8
Selling, general, administrative and
development expense(1)
188.6
164.8
406.4
362.9
Other operating
expenses............................................................................................................................
38.2
28.7
52.4
48.8
Total operating
expenses...................................................................................................................
1,221.7
1,205.7
2,478.0
2,404.2
OPERATING
INCOME.....................................................................................................................................
691.3
683.9
1,428.1
1,298.8
OTHER INCOME (EXPENSE):
Interest
income............................................................................................................................
8.4
11.7
18.5
24.1
Interest
expense............................................................................................................................
(197.7
)
(204.5
)
(406.5
)
(412.0
)
Loss on retirement of long-term
obligations............................................................................................................................
—
(22.1
)
(34.6
)
(22.2
)
Other (expense) income (including foreign
currency (losses) gains of ($37.8), ($5.3), ($103.3) and $14.8,
respectively)............................................................................................................................
(42.5
)
(5.1
)
(106.3
)
16.8
Total other
expense...................................................................................................................
(231.8
)
(220.0
)
(528.9
)
(393.3
)
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME
TAXES.....................................................................................................................................
459.5
463.9
899.2
905.5
Income tax
provision............................................................................................................................
(11.1
)
(29.6
)
(32.2
)
(63.6
)
NET
INCOME.....................................................................................................................................
448.4
434.3
867.0
841.9
Net income attributable to noncontrolling
interests............................................................................................................................
(2.3
)
(5.2
)
(5.9
)
(15.4
)
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER
CORPORATION
STOCKHOLDERS.....................................................................................................................................
446.1
429.1
861.1
826.5
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER
CORPORATION COMMON
STOCKHOLDERS.....................................................................................................................................
$
446.1
$
429.1
$
861.1
$
826.5
NET INCOME PER COMMON SHARE AMOUNTS:
Basic net income attributable to American
Tower Corporation common
stockholders............................................................................................................................
$
1.01
$
0.97
$
1.94
$
1.87
Diluted net income attributable to
American Tower Corporation common
stockholders............................................................................................................................
$
1.00
$
0.96
$
1.93
$
1.86
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
(in thousands):
BASIC.................................................................................................................................
443,436
442,203
443,245
441,778
DILUTED.................................................................................................................................
445,867
445,337
445,893
445,040
_______________
(1)
Property costs of operations, services
costs of operations and selling, general, administrative and
development expense include stock-based compensation
expense in aggregate amounts of $27.2
million and $74.9 million for the three and six months ended June
30, 2020, respectively, and $21.9 million and $64.4 million for the
three and six months ended June 30, 2019, respectively.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
Six Months Ended June
30,
2020
2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net
income.........................................................................................................................................
$
867.0
$
841.9
Adjustments to reconcile net income to
cash provided by operating activities:
Depreciation, amortization and
accretion................................................................................................................................
927.2
885.8
Stock-based compensation
expense................................................................................................................................
74.9
64.4
Loss on early retirement of long-term
obligations................................................................................................................................
34.6
22.2
Other non-cash items reflected in
statements of
operations................................................................................................................................
169.0
86.5
Increase in net deferred rent
balances................................................................................................................................
(110.8
)
(11.0
)
Right-of-use asset and Operating lease
liability,
net................................................................................................................................
0.9
39.5
Increase in
assets................................................................................................................................
(226.3
)
(52.4
)
Increase (decrease) in
liabilities................................................................................................................................
52.3
(55.2
)
Cash provided by operating
activities..................................................................................................................................................
1,788.8
1,821.7
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for purchase of property and
equipment and construction
activities.........................................................................................................................................
(424.9
)
(464.3
)
Payments for acquisitions, net of cash
acquired.........................................................................................................................................
(232.7
)
(134.5
)
Proceeds from sales of short-term
investments and other non-current
assets.........................................................................................................................................
9.3
368.7
Payments for short-term
investments.........................................................................................................................................
—
(355.9
)
Deposits and
other.........................................................................................................................................
9.5
(4.7
)
Cash used for investing
activities..................................................................................................................................................
(638.8
)
(590.7
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit
facilities.........................................................................................................................................
4,045.4
2,620.0
Proceeds from issuance of senior notes,
net.........................................................................................................................................
3,482.9
3,529.7
Proceeds from term
loan.........................................................................................................................................
1,940.0
1,300.0
Repayments of notes payable, credit
facilities, senior notes, secured debt, term loan and finance
leases(1)
(8,324.5
)
(7,413.2
)
Distributions to noncontrolling interest
holders,
net.........................................................................................................................................
(13.6
)
(14.0
)
Purchases of common
stock.........................................................................................................................................
(56.0
)
—
Proceeds from stock options and employee
stock purchase
plan.........................................................................................................................................
34.3
56.6
Distributions paid on common
stock.........................................................................................................................................
(933.8
)
(775.1
)
Payment for early retirement of long-term
obligations.........................................................................................................................................
(33.5
)
(21.0
)
Deferred financing costs and other
financing activities(2)
(123.6
)
(104.7
)
Purchase of redeemable noncontrolling
interest.........................................................................................................................................
(524.4
)
(425.7
)
Cash used for financing
activities..................................................................................................................................................
(506.8
)
(1,247.4
)
Net effect of changes in foreign currency
exchange rates on cash and cash equivalents, and restricted
cash..................................................................................................................................................
(115.1
)
(2.5
)
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS, AND RESTRICTED
CASH..................................................................................................................................................
528.1
(18.9
)
CASH AND CASH EQUIVALENTS, AND RESTRICTED
CASH, BEGINNING OF
PERIOD..................................................................................................................................................
1,578.0
1,304.9
CASH AND CASH EQUIVALENTS, AND RESTRICTED
CASH, END OF
PERIOD..................................................................................................................................................
$
2,106.1
$
1,286.0
CASH PAID FOR INCOME TAXES,
NET..................................................................................................................................................
$
67.6
$
77.9
CASH PAID FOR
INTEREST..................................................................................................................................................
$
395.2
$
419.3
_______________
(1)
Six months ended June 30, 2020 and June
30, 2019 include $5.6 million and $4.5 million of finance lease
payments, respectively.
(2)
Six months ended June 30, 2020 and June
30, 2019 include $19.0 million and $15.0 million of perpetual land
easement payments, respectively.
UNAUDITED CONSOLIDATED RESULTS FROM OPERATIONS, BY
SEGMENT
($ in millions, totals may not add due to rounding.)
The Company is now reporting its operating results in six
segments after separating its EMEA property segment into Africa
property and Europe property. Historical financial information
included in this press release has been adjusted to reflect the
change in reportable segments. The sum of the Africa and Europe
segments may not tie to the previously disclosed EMEA segment
figures due to rounding.
Three Months Ended June 30,
2020
Property
Services
Total
U.S.
Latin America
Asia
Africa
Europe
Total International
Total Property
Segment
revenues..............................................................
$
1,088
$
294
$
271
$
206
$
35
$
806
$
1,893
$
20
$
1,913
Segment operating expenses(1)
202
92
159
70
7
328
530
9
539
Segment Gross
Margin..............................................................
$
885
$
201
$
113
$
136
$
28
$
478
$
1,363
$
10
$
1,374
Segment SG&A(1)
37
20
34
21
5
79
117
2
119
Segment Operating
Profit..............................................................
$
848
$
181
$
79
$
116
$
23
$
399
$
1,247
$
8
$
1,255
Segment Operating Profit
Margin..............................................................
78
%
62
%
29
%
56
%
67
%
49
%
66
%
42
%
66
%
Revenue Growth
8.0
%
(15.0
)
%
(15.5
)
%
45.7
%
3.3
%
(4.3
)
%
2.4
%
(51.4
)
%
1.2
%
Total Tenant Billings Growth
5.2
%
12.4
%
3.9
%
58.3
%
3.6
%
18.8
%
9.9
%
Organic Tenant Billings Growth
4.7
%
7.3
%
0.4
%
9.7
%
2.1
%
5.4
%
5.0
%
Revenue Components(2)
Prior-Year Tenant
Billings..............................................................
$
967
$
222
$
153
$
105
$
30
$
510
$
1,477
Colocations/Amendments..............................................................
36
9
19
6
1
35
71
Escalations..............................................................
31
10
4
5
0
19
50
Cancellations..............................................................
(19
)
(4
)
(22
)
(1
)
(1
)
(27
)
(46
)
Other..............................................................
(3
)
1
(0
)
0
0
1
(2
)
Organic Tenant
Billings..............................................................
$
1,013
$
238
$
154
$
115
$
31
$
537
$
1,550
New Site Tenant
Billings..............................................................
4
11
5
51
0
68
72
Total Tenant
Billings..............................................................
$
1,017
$
249
$
159
$
166
$
31
$
605
$
1,623
Foreign Currency Exchange Impact(3)
—
(50
)
(13
)
(11
)
(1
)
(76
)
(76
)
Total Tenant Billings (Current
Period)..............................................................
$
1,017
$
199
$
146
$
155
$
31
$
530
$
1,547
Straight-Line
Revenue..............................................................
46
5
3
2
0
9
56
Prepaid Amortization
Revenue..............................................................
27
0
—
0
1
2
30
Other
Revenue..............................................................
(4
)
26
2
1
2
31
28
International Pass-Through
Revenue..............................................................
—
88
132
51
0
271
271
Foreign Currency Exchange Impact(4)
—
(24
)
(11
)
(3
)
(0
)
(38
)
(38
)
Total Property Revenue (Current
Period)..............................................................
$
1,088
$
294
$
271
$
206
$
35
$
806
$
1,893
_______________
(1)
Excludes stock-based compensation
expense.
(2)
All components of revenue, except those
labeled current period, have been translated at prior-period
foreign currency exchange rates.
(3)
Reflects foreign currency exchange impact
on all components of Total Tenant Billings.
(4)
Reflects foreign currency exchange impact
on components of revenue, other than Total Tenant Billings.
UNAUDITED CONSOLIDATED RESULTS FROM
OPERATIONS, BY SEGMENT (CONTINUED)
($ in millions, totals may not add due to
rounding.)
Three Months Ended June 30,
2019
Property
Services
Total
U.S.
Latin America
Asia(1)
Africa
Europe
Total International
Total Property
Segment
revenues..............................................................
$
1,007
$
346
$
321
$
141
$
34
$
842
$
1,849
$
41
$
1,890
Segment operating expenses(2)
197
104
188
53
7
352
549
14
563
Segment Gross
Margin..............................................................
$
811
$
242
$
133
$
88
$
26
$
489
$
1,300
$
27
$
1,327
Segment SG&A(2)
42
24
18
14
6
62
104
2
106
Segment Operating
Profit..............................................................
$
768
$
218
$
115
$
74
$
20
$
428
$
1,196
$
25
$
1,221
Segment Operating Profit Margin
76
%
63
%
36
%
52
%
60
%
51
%
65
%
61
%
65
%
Revenue
Growth..............................................................
5.3
%
8.7
%
4.3
%
7.3
%
(3.7
)
%
6.2
%
5.7
%
29.2
%
6.1
%
Total Tenant Billings Growth
7.8
%
8.9
%
(13.7
)
%
15.2
%
3.3
%
1.9
%
5.6
%
Organic Tenant Billings Growth
7.5
%
7.3
%
(23.8
)
%
8.5
%
3.0
%
(3.6
)
%
3.4
%
Revenue Components(3)
Prior-Year Tenant
Billings..............................................................
$
898
$
215
$
184
$
97
$
31
$
528
$
1,426
Colocations/Amendments..............................................................
52
10
18
4
1
33
85
Escalations..............................................................
29
11
3
5
1
20
49
Cancellations..............................................................
(12
)
(7
)
(66
)
(2
)
(1
)
(75
)
(87
)
Other..............................................................
(1
)
1
0
2
0
4
2
Organic Tenant
Billings..............................................................
$
965
$
231
$
140
$
106
$
32
$
510
$
1,475
New Site Tenant
Billings..............................................................
2
3
19
7
0
29
31
Total Tenant
Billings..............................................................
$
967
$
235
$
159
$
112
$
32
$
538
$
1,506
Foreign Currency Exchange Impact(4)
—
(13
)
(6
)
(8
)
(2
)
(29
)
(29
)
Total Tenant Billings (Current
Period)..............................................................
$
967
$
222
$
153
$
105
$
30
$
510
$
1,477
Straight-Line
Revenue..............................................................
(4
)
6
3
1
1
10
6
Prepaid Amortization
Revenue..............................................................
26
1
—
0
1
2
29
Other
Revenue..............................................................
18
40
19
1
2
62
80
International Pass-Through
Revenue..............................................................
—
82
153
37
0
272
272
Foreign Currency Exchange Impact(5)
—
(5
)
(7
)
(2
)
(0
)
(14
)
(14
)
Total Property Revenue (Current
Period)..............................................................
$
1,007
$
346
$
321
$
141
$
34
$
842
$
1,849
_______________
(1)
Inclusive of the negative impacts of ICCC.
See quarterly supplemental materials package for additional
detail.
(2)
Excludes stock-based compensation
expense.
(3)
All components of revenue, except those
labeled current period, have been translated at prior-period
foreign currency exchange rates.
(4)
Reflects foreign currency exchange impact
on all components of Total Tenant Billings.
(5)
Reflects foreign currency exchange impact
on components of revenue, other than Total Tenant Billings.
UNAUDITED SELECTED CONSOLIDATED
FINANCIAL INFORMATION
($ in millions, totals may not add due to
rounding.)
The reconciliation of Adjusted EBITDA
to net income and the calculation of Adjusted EBITDA Margin are as
follows:
Three Months Ended June
30,
2020
2019
Net
income..............................................................................................................................................................
$
448.4
$
434.3
Income tax
provision.....................................................................................................................................................
11.1
29.6
Other
expense.....................................................................................................................................................
42.5
5.1
Loss on retirement of long-term
obligations.....................................................................................................................................................
—
22.1
Interest
expense.....................................................................................................................................................
197.7
204.5
Interest
income.....................................................................................................................................................
(8.4
)
(11.7
)
Other operating
expenses.....................................................................................................................................................
38.2
28.7
Depreciation, amortization and
accretion.....................................................................................................................................................
454.9
448.9
Stock-based compensation
expense.....................................................................................................................................................
27.2
21.9
Adjusted
EBITDA..............................................................................................................................................................
$
1,211.6
$
1,183.4
Total
revenue..............................................................................................................................................................
1,913.0
1,889.6
Adjusted EBITDA
Margin.....................................................................................................................................................
63
%
63
%
The reconciliation of Nareit FFO
attributable to American Tower Corporation common stockholders to
net income and the calculation of Consolidated AFFO, Consolidated
AFFO per Share, AFFO attributable to American Tower Corporation
common stockholders and AFFO attributable to American Tower
Corporation common stockholders per Share are as follows:
Three Months Ended June
30,
2020
2019
Net
income...............................................................................................................................................................
$
448.4
$
434.3
Real estate related depreciation,
amortization and
accretion......................................................................................................................................................
403.3
400.7
Losses from sale or disposal of real
estate and real estate related impairment charges
36.9
24.4
Adjustments for unconsolidated affiliates
and noncontrolling interests
(26.1)
(30.8)
Nareit FFO attributable to AMT common
stockholders...............................................................................................................................................................
$
862.5
$
828.6
Straight-line
revenue......................................................................................................................................................
(54.6)
(5.7)
Straight-line
expense......................................................................................................................................................
12.2
12.0
Stock-based compensation
expense......................................................................................................................................................
27.2
21.9
Deferred portion of income
tax......................................................................................................................................................
(21.4)
(11.4)
Non-real estate related depreciation,
amortization and accretion
51.6
48.2
Amortization of deferred financing costs,
capitalized interest and debt discounts and premiums and long-term
deferred interest charges
8.6
6.4
Payment of shareholder loan(1)
—
(14.2)
Other expense(2)
42.5
5.1
Loss on retirement of long-term
obligations......................................................................................................................................................
—
22.1
Other operating expense(3)
1.3
4.3
Capital improvement capital
expenditures......................................................................................................................................................
(28.8)
(36.4)
Corporate capital
expenditures......................................................................................................................................................
(3.1)
(2.1)
Adjustments for unconsolidated affiliates
and noncontrolling
interests......................................................................................................................................................
26.1
30.8
Consolidated
AFFO...............................................................................................................................................................
$
924.1
$
909.6
Adjustments for unconsolidated affiliates
and noncontrolling interests(4)
(26.3)
(16.5)
AFFO attributable to AMT common
stockholders...............................................................................................................................................................
$
897.8
$
893.1
Divided by weighted average diluted shares
outstanding......................................................................................................................................................
445,867
445,337
Consolidated AFFO per
Share...............................................................................................................................................................
$
2.07
$
2.04
AFFO attributable to AMT common
stockholders per
Share...............................................................................................................................................................
$
2.01
$
2.01
_______________
(1)
In Q2 2019, the Company made a capitalized
interest payment of approximately $14.2 million associated with the
purchase of the shareholder loan previously held by its joint
venture partner in Ghana. This long-term
deferred interest was previously expensed but excluded from
Consolidated AFFO.
(2)
Q2 2020 and Q2 2019 include losses on
foreign currency exchange rate fluctuations of $37.8 million and
$5.3 million, respectively.
(3)
Primarily includes integration and
acquisition-related costs.
(4)
Includes adjustments for the impact on
both Nareit FFO attributable to American Tower Corporation common
stockholders and the other line items included in the calculation
of Consolidated AFFO.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200730005326/en/
Igor Khislavsky Vice President, Investor Relations Telephone:
(617) 375-7500
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