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Mar 31, 2023
American Tower Q1 2023 Earnings Report
American Tower's Q1 2023 financial results were reported, demonstrating a strong start to the year with revenue growth and strategic capital allocation.
Key Takeaways
American Tower Corporation reported a 4.0% increase in total revenue, reaching $2,767 million in Q1 2023. The company saw an acceleration in Organic Tenant Billings Growth and a record quarter of signed new business at CoreSite. However, net income decreased by 55.2% to $315 million, impacted by foreign currency losses and the sale of Mexico Fiber.
Total revenue increased by 4.0% to $2,767 million.
Property revenue increased by 4.4% to $2,715 million.
Net income decreased by 55.2% to $315 million, influenced by foreign currency losses and the sale of Mexico Fiber.
Adjusted EBITDA increased by 8.6% to $1,763 million.
American Tower
American Tower
American Tower Revenue by Segment
American Tower Revenue by Geographic Location
Revenue by Segment
U.S. & Canada Prop. Revenue
CapyFin.comLatin America Prop. Revenue
CapyFin.comAfrica & APAC Prop. Revenue
CapyFin.comEurope Prop. Revenue
CapyFin.comServices Revenue
CapyFin.comData Centers Revenue
CapyFin.comRevenue by Geographic Location
U.S. & Canada Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
American Tower provided its full year 2023 outlook, which includes estimates for property revenue, net income, Adjusted EBITDA, and AFFO. The outlook reflects adjustments due to the sale of Mexico Fiber and the impacts of foreign currency exchange rate fluctuations.
Positive Outlook
- Total property revenue is projected to be between $10,665 million and $10,845 million.
- Net income is expected to range from $1,770 million to $1,880 million.
- Adjusted EBITDA is forecasted to be between $6,860 million and $6,970 million.
- AFFO attributable to AMT common stockholders is estimated to be between $4,450 million and $4,560 million.
- AFFO attributable to AMT common stockholders per Share is projected to be between $9.53 and $9.76.
Challenges Ahead
- The sale of Mexico Fiber is expected to reduce property revenue by $45 million.
- The sale of Mexico Fiber is expected to reduce Adjusted EBITDA by $25 million.
- The sale of Mexico Fiber is expected to reduce AFFO attributable to AMT common stockholders by $15 million.
- Foreign currency losses and the loss from the sale of Mexico Fiber are reducing the midpoints for net income and net income attributable to AMT common stockholders by $130 million and $175 million, respectively.
- U.S. & Canada growth rate includes an estimated negative impact of approximately 2% associated with a decrease in non-cash straight-line revenue recognition.
Revenue & Expenses
Visualization of income flow from segment revenue to net income