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American Tower Corporation Message Board

  • bluecheese4u bluecheese4u Feb 26, 2013 9:39 AM Flag

    American Tower Corporation Reports Fourth Quarter and Full Year 2012 Financial Results

    American Tower Corporation Reports Fourth Quarter and Full Year 2012 Financial Results

    CONSOLIDATED HIGHLIGHTS

    Fourth Quarter 2012

    Total revenue increased 17.6% to $768.4 million
    Operating income increased 12.7% to $279.2 million
    Cash provided by operating activities decreased 5.7% to $297.8 million
    Full Year 2012

    Total revenue increased 17.7% to $2,876.0 million
    Operating income increased 21.7% to $1,119.7 million
    Cash provided by operating activities increased 21.3% to $1,414.4 million
    SEGMENT HIGHLIGHTS

    Fourth Quarter 2012

    Domestic rental and management segment revenue increased 7.5% to $499.9 million
    International rental and management segment revenue increased 36.3% to $239.8 million
    Network development services segment revenue was $28.7 million
    Full Year 2012

    Domestic rental and management segment revenue increased 11.3% to $1,940.7 million
    International rental and management segment revenue increased 34.4% to $862.8 million
    Network development services segment revenue was $72.5 million
    BOSTON--(BUSINESS WIRE)--Feb. 26, 2013-- American Tower Corporation (NYSE: AMT) today reported financial results for the fourth quarter and full year ended December 31, 2012.

    Jim Taiclet, American Tower’s Chief Executive Officer stated, “2012 represented another strong year of performance, as we remained focused on two primary aspirations: strengthening our core U.S. business by securing extended customer agreements to enable robust, sustained organic growth; and leveraging the rapid global adoption of wireless services to drive our international market expansion. As a result, we were able to achieve Core Growth in rental revenue and Adjusted EBITDA of over 21% and Core Growth in AFFO of nearly 19%.

    "Our Outlook for 2013 reflects continued mid-teen Core Growth in rental revenue, Adjusted EBITDA and AFFO, and we are focused on pursuing our disciplined global investment strategy to sustain these levels of growth into the future."

    FOURTH QUARTER 2012 OPERATING RESULTS OVERVIEW

    American Tower generated the following operating results for the quarter ended December 31, 2012 (unless otherwise indicated, all comparative information is presented against the quarter ended December 31, 2011).

    Total revenue increased 17.6% to $768.4 million and total rental and management revenue increased 15.4% to $739.7 million. Total rental and management revenue Core Growth was approximately 19.3%. Please refer to the selected statement of operations detail on page 14, which highlights the items affecting all Core Growth percentages for the quarter ended December 31, 2012.

    Total rental and management Gross Margin increased 15.6% to $562.9 million, which includes the impact of a one-time favorable expense item attributable to the domestic rental and management segment, as further described below. Total selling, general, administrative and development expense was $89.4 million, including $11.9 million of stock-based compensation expense. Adjusted EBITDA increased 16.8% to $500.6 million, Core Growth in Adjusted EBITDA was 19.6%, and Adjusted EBITDA Margin was 65%.

    Adjusted Funds From Operations (AFFO) increased 4.7% to $289.7 million, which includes the negative impact of two non-recurring international tax payments of approximately $15.5 million in aggregate and new market start-up capital expenditures of approximately $5.6 million. Core Growth in AFFO was approximately 11.6%, and AFFO per Share increased 2.9% to $0.72.

    Operating income increased 12.7% to $279.2 million, while net income attributable to American Tower Corporation decreased 33.9% to $135.7 million. The decrease was primarily attributable to a one-time positive net impact of approximately $121.0 million during the fourth quarter of 2011, as a result of the reversal of certain deferred tax assets and liabilities resulting from the Company’s conversion to a real estate investment trust (REIT). In addition, contributing to the decrease was the negative impact of approximately $39.4 million that the Company recorded during the fourth quarter of 2012 in relation to valuation allowances attributable to net operating losses generated by its international rental and management segment. Net income attributable to American Tower Corporation per both basic and diluted common share decreased 34.6% to $0.34.

    Cash provided by operating activities decreased 5.7% to $297.8 million.

    Segment Results

    Domestic Rental and Management Segment – Domestic rental and management segment revenue increased 7.5% to $499.9 million, which represented 65% of total revenues. Domestic rental and management segment Gross Margin increased 11.3% to $415.5 million, which includes the favorable one-time impact of approximately $5.7 million related to land rent expense. Domestic rental and management segment Operating Profit increased 10.7% to $390.5 million, and domestic rental and management segment Operating Profit Margin was 78%.

    International Rental and Management Segment – International rental and management segment revenue increased 36.3% to $239.8 million, which represented 31% of total revenues. International rental and management segment Gross Margin increased 29.7% to $147.4 million, while international rental and management segment Operating Profit increased 30.5% to $120.2 million. International rental and management segment Operating Profit Margin was 50% (70%, excluding the impact of $67.9 million of pass-through revenues).

    Network Development Services Segment – Network development services segment revenue was $28.7 million, which represented 4% of total revenues. Network development services segment Gross Margin was $15.3 million, and network development services segment Operating Profit was $12.9 million. Network development services segment Operating Profit Margin was 45%.

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