American Tower Corp (NYSE:AMT)

$ 237.38 0.24 (0.1%) Market Cap: 110.88 Bil Enterprise Value: 155.60 Bil PE Ratio: 44.62 PB Ratio: 28.74 GF Score: 85/100

Q2 2024 American Tower Corp Earnings Call Transcript

Jul 30, 2024 / 12:30PM GMT

Release Date Price: $223.05 (+3.78%)

Transcript 10-Q8-K

Key Points

Positve

Strong second-quarter performance driven by resilient demand for assets.
Consolidated organic tenant billings growth of 5.3%, demonstrating robust business fundamentals.
CoreSite achieved double-digit revenue growth and record cash backlog.
Positive collection trends in India, allowing for revenue reversals and improved financial outlook.
Effective execution on balance sheet initiatives, including issuance of EUR1 billion in senior unsecured notes at a favorable rate.

Negative

Exposure to financial risks in emerging markets, particularly due to global macroeconomic factors.
Continued elevated Sprint churn impacting growth rates through Q3 of next year.
FX headwinds negatively impacting property revenue, adjusted EBITDA, and attributable AFFO.
Incremental costs associated with the pending sale of the India business.
Potential for modest churn from US Cellular due to market consolidation, which could temporarily pressure growth rates.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the American Tower second-quarter 2024 earnings conference call. As a reminder, today's conference call is being recorded. (Operator Instructions)

Now I would now like to turn the call over to your host, Adam Smith, Senior Vice President of Investor Relations and FP&A. Please go ahead, sir.

Adam Smith

American Tower Corp - Senior Vice President - Investor Relations

Good morning, and thank you for joining American Tower's second-quarter earnings conference call. We have posted a presentation, which we will refer to throughout our prepared remarks under the Investor Relations tab of our website, www.americantower.com.

I'm joined on the call today by Steve Vondran, our President and CEO; and Rod Smith, our Executive Vice President, CFO and Treasurer. Following our prepared remarks, we will open up the call for your questions.

Before we begin, I'll remind you that our comments will contain forward

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