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Mar 31, 2022
American Tower Q1 2022 Earnings Report
Reported strong financial results driven by growth in organic tenant billings and strategic investments.
Key Takeaways
American Tower Corporation reported a strong start to 2022, with total revenue increasing by 23.2% to $2,660 million and net income increasing by 7.7% to $703 million. The company's growth was driven by accelerating organic tenant billings growth in all reported segments and strategic investments in 5G and 4G infrastructure.
Total revenue increased by 23.2% to $2,660 million.
Property revenue increased by 22.1% to $2,601 million.
Net income increased by 7.7% to $703 million.
Adjusted EBITDA increased by 12.8% to $1,624 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
American Tower provided full year 2022 outlook based on assumptions believed to be reasonable as of April 27, 2022. The company is raising the midpoint of its full year 2022 outlook for property revenue, net income attributable to AMT common stockholders, Adjusted EBITDA, Consolidated AFFO and AFFO attributable to AMT common stockholders by $75 million, $3 million, $55 million, $5 million and $10 million, respectively.
Positive Outlook
- Total property revenue is expected to be between $10,295 million and $10,475 million.
- Net income is projected to be between $2,020 million and $2,130 million.
- Adjusted EBITDA is anticipated to be between $6,555 million and $6,665 million.
- Consolidated AFFO is forecasted to be between $4,705 million and $4,815 million.
- AFFO attributable to AMT common stockholders is expected to be between $4,545 million and $4,655 million.
Challenges Ahead
- Net income and net income attributable to AMT common stockholders are negatively impacted by the foreign currency gain of $558 million in 2021.
- U.S. & Canada growth rate includes an estimated negative impact of nearly 1% associated with a decrease in non-cash straight-line revenue recognition.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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