AMT - Earnings call transcript Q4 2017 | American Tower Corporation

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the American Tower Fourth Quarter and Full Year 2017 Earnings Call. At this time, all participants are in a listen-only mode.

As a reminder, today's conference is being recorded. I'd now like to turn the conference over to our host, Igor Khislavsky. sir. ahead, go Please

Igor Khislavsky

morning, and you Conference Full Good Tower's Call. joining Fourth Quarter Year and you. for thank American Thank XXXX Earnings

our www.americantower.com. We refer Investor presentation, a tab prepared throughout Relations website, have the remarks, our which on under posted to we'll

this will be for as call morning's agenda follows. Our

results I'll financial from provide and quarter highlights few the First, full a our for year XXXX.

CFO recently And positioning Chairman, review President Vice some open Tom on and for our share for as Executive our more and brief our for Treasurer, and future. XXXX. will our completed CEO, Taiclet, President, initiative, will provide Jim the finally, outlook up of well a detailed questions. initial Next, Bartlett, we'll results our the your Double-Double XXXX comments, call After thoughts these as

begin, regarding allocation outlook, of uncertainties. risks statements that the will this and Before and remind pending statements growth, and its that historical future operating American expectations XXXX future regarding process you including number carrier call capital and include: that a other our on around I statements and contain I'll our involve facts. pacing Indian these Examples the performance; of forward-looking not any assumptions matters Tower; closed impacts consolidation acquisitions; recently are of magnitude and our

or to the in no the that those forth other set XX, You SEC. factors in release, in obligation press and the expressed risk remind from may this undertake events with you filings circumstances. results this in should reflect set make year to Such consider future forward-looking include factors differ the XX-K in be the in to factors these ended the our aware affect December and subsequent morning's and to materially contained those update these us that for We certain actual call could information urge cause you forth we factors Form we XXXX, earnings statements.

our slide year financial which X quarter of results for our turn fourth highlights and full presentation, the XXXX. please to Now,

billion. the revenue During our property quarter, to $X. XX grew XX.X%

grew consolidated per to EBITDA both $X.XX X% from than $XXX our adjusted XX% AFFO about increased consolidated to respectively. operations share, by billion, and $X.XX million and share per more funds Our adjusted and

$XXX attributable Tower or net per share. increased This diluted perspective, From associated of India, to partially by tax attributable the $XXX $XXX impairment charge. the our Finally, an million primarily assets benefit year total American common to with about was Corporation The impairment to X.X% approximately a related revenue in the stockholders $X.XX full included which income grew impairment property amount stockholders. common by charge offset AMT million million quarter, billion. of XX.X% was to in to common $X.X

$X.X adjusted per while $X.X to to rose nearly EBITDA AFFO grew our XX% XX.X% and by Our consolidated XX% billion, by billion, more to grew $X.XX. AFFO consolidated than share

Finally, by XX% attributable $X.X Corporation year. call American to over the net I'll that, income to billion Jim. nearly Tower to common turn And stockholders the increased with for

James D. Taiclet, Jr.

strategic on Thanks, cover today: key plan, and results strategic just plan, for the call. the our briefly and to XX-year topics of three morning XX-year of everybody concluded areas good Igor, XXXX. next launch our the focus I'll our

growth horizon. of Double-Double communication a may Internally, strategy. call XX-year number initiated and we in our in XXXX, this a As Tower growth performance. in By for Xx growth of long-term strategy our financial targeted over recall, many American strategy time sites you Xx XXXX,

results As X. trajectory you operational on can this of see, under is strategy the slide delivered

pleased today, to results announced we I'm exceeded of extremely in our report XXXX both far that goals. our aspirational we As strategic

as XX%, while consolidated pace simultaneously and $X my We These year-end the the just the Moreover, on per stock strategy our U.S., of estate $XX our $XXX were exceeding growth in to Delivering our than ended American nearly Approximately Tower's buying nearly small per by spent invested in XXX,XXX our increased the members unmatched the particular said, with American of we've per São were on strategy. share, AFFO real acquire Igor results and We by commensurate grew XX%. the more and position XX% world, all just share We capital, around generated in accomplishments and objective mission the XX%. to XXXX, team, the real returns consolidated consolidated and end and XXXX. dimension, common entire return to each the whom during consistent: their emblematic results of share billion for momentum period. asset back the goal growth of operational dividend year. called stock exceeding AFFO during process. from With colleagues the the expanded internationally. to led for cell manage asset and the to million ground enabled of of enable and these years, wireless XX%, X,XXX XX% sites, from in communications, on that Boston, over American strong of Double-Double was past executive goal by were was optimally more five Double-Double around our our by by deliver by $X.XX our The Paulo, strategy nearly has XXXX by invested On team in been year Mumbai. construct Tower remains of towers in that base, franchise Tower's the communications to AFFO. estate. XXX,XXX secure systems XXXX than financial Johannesburg, to course

for next call Deliver. and we our today, Stand plan XX-year which growth So, launching XXXX, we're XXXX to formally

upon strategy. summarized in estate two on our adding communications these Given two of pillars investments strategic our components X. of the and real position long-held industry, leading are slide components our four we're additional to and our expanding All

mobile advanced tower industry efficiencies for also by supplement of working scope the emerging significantly to but approaches batteries core even A markets. improving our strategic evaluating be that mobile tenants' the that familiar sites the to remain pillar from is towers most to is expand our in not overall allocation and long-standing mobile our we franchise and environmental be independent Double-Double are will still our assets on continue an tenants, develop small footprint internal such with energy as also diesel that our the to indoor, forward, the continuing especially investment to currently Consequently, global for cost additional capital emphasis solution may by when DAS and tenants' network disciplined then XG and to example as diesel tower One example wind. can to acquire we'll targeted needs. mobile but estate tower deliver reducing institutions do deep many and build to reducing distributed technologies industry leading We're strategy renewable will The solar technologically-effective efficiency we'll efficiency we focus to we're pillar going believe generators. broader margins. first meet assets academic carbon could investments benefits generator include such storage strategy to requirements. position and capabilities XG, that technologies. the only make into continue operator replace emerging XG, cell operational real power and utilize as rights and in our extensive our our criteria. paid our One for leading costs evolving eventually business of our secured The fuel of being our or would us, and The including footprint systems. And meet solutions But second grow to on ATC, macro not ultimately intend evolving XG responsibility. meet expanding is

to spectrum later to expected year. be now example small recent a CBRS made this in Another access facilitate the Federated such is available Wireless to investment help

U.S. wireless American in Now, will remains we in while prepare we to late view the begin and Tower be have the believe technology to leader least, consumer world mid to the primary our future. also XXXXs the XG that abroad of to at as through the industry fundamental also that now network serve the XG

additional strategy, are five objectives, and efficiency years' ten essential of to complementing Stand traditional the two in are maximizing part our smart to future which believe So, and Deliver with time. components our as operational asset opportunities aggregation we ATC we

is approached innovation. disciplined and methodical first a The

to We are a have international centers potential here in out Among program operator current a network solutions, and our customers mobile of computing future siting customers current a to markets. cloud commercialization on U.S. and also edge that our aerospace drones, entertainment and beyond have media that collaborative social communications XG and data both the structured of meet future architectures new branded tenants. companies estate the potential and in in seek providers network other estate companies. in for and institutionalized interested in industries selectively and process real are communications these in working real partners evaluating development prototype requirements of our many We and trials tenants world. may currently need new their efforts We're number and

our light our our edge broadcast project we with especially Philips evaluation are right and now. three alliance this tower solution smart going computing just Huntington three Dallas sites next-generation Lighting, on in just of Beach wireless trial using week, Our announced pole technology with examples what's customers,

cell We realize take Africa underserved, new In the and and at infrastructure addition, may that to pan where will siting and aren't Latin select South markets opportunities in in to out urban we scale, providers. urban have customer not these and time many of fiber-to-the-tower in hyper-dense other couple solutions investments architecture made small evolve a that fiber America some there and end. deliver

to in to the tenants these enables and ensure Tower's We the goal consortia, opportunities to functionality with groups it's to cash fourth position over is our and real on begin access revenue as time, communications and XG are continued course Tower's estate. American planning component consumer industries mobile leasing the and pursuing existing local and government that cross-industry more to XX-year bodies, services populations across period. robust the expand mission-critical leadership, to our additive of national much of to communications us However, preferred the our NGOs partner leadership future, flow for future and aim industry we over require be to and underserved. elevated meaningful to that well of then the the broad Internet imperative for strategy; ways business represented believe prospects is city of new participation working which into amount initiatives, smart strategic brings And by seen today frontier which American advanced things world economic as around seeking interactions currently these

in-depth here we immediate of review number of the As priorities long-term also on an call Deliver our company turning XXXX and to the we're results and I'll has XXXX focused that now. Stand highly before expectations. a and our orient Tower this Tom strategy, our towards over American for highlight

organic networks. we coverage and we projects, public deployment mobile billion also FirstNet in carriers will XG in tower a the plus national which on XXXX in and this over billings in the network, further aggregate of a at mobile X% public announced in that With year the business. least growth spectrum on growth we mid-band another $XX beyond. billings the increasing our the CapEx consumers, all demand operators' in for the plans be carrier States. year U.S. can growth band, tenant statements, and of And launch in data consumption U.S. anticipate for our X.X U.S., level the aggregate which four plans wireless among range United gigahertz the expect recent build-out should U.S. with robust the safety of First, core market places data XXXX, enjoy tenant XX% low-band organic the expected video expect demands unlimited all strong supports potential of with tenant Based offering

garner the to cash America, solid this our with length a environment. region's capture while construction possible. through due base with customer to XXXX we environment, excellent incremental tenant by growth positioning we new programs year, strong see We of strategic for and And the can, In markets, expect and expansion continuing in tower operators deployment organic network Mexico supporting both opportunity region. incumbent flow extend While domestic demand operating as in key accelerated network aim robust of consistent both we provider the term also Latin there. existing organic of expect the ATC's wholesale we the billings in growth to also the growth seeking much in strong to demand whenever XG as business the

pivoting We Brazil, is expect growth also XG steady market. higher-quality in which towards also a

presence, to highly disciplined continues And team Our to deepen investment the process. consolidation involved it focused India, on and also EMEA and both within are, ways solid region we our operator our should to there in industry of and Europe mobile results, course, in patiently our comes Africa, when criteria. deliver ongoing tower explore management and

in merge four their timeframe. Consequently, always a its an launch XG While Reliance or the to bold into we network of process driving incumbents, we expected significant disrupted to operator five rapidly significantly being market, the consolidation compressed businesses over consolidation Indian orderly much is them run tighter response. that in years Jio's expected

run. gradually XXXX to As that XXXX a is India, these more result, elevated in all churn return rates churn in included reordered expect outlook. the and we growth We the this operators anticipate will experience long our in along tower subside begin in and by that to organic market, levels ATC then with market to typical XXXX. substantial And thereafter, will the over

long-term, given believe short-term companies, than practice Indian operators, to three market short-term applied a to rational disruption, acquiring for behind of eventually estate market's towers real make acquired long-term and and the multiple portfolios two short-term. at expect or process in we because Over This of market, logic up this communications times our these may among highest-return assets Vodafone. prospects. four mid during more the includes the mobile ATC, asset impact the the future reduced the growth major tower period, Idea that prices. Consequently, be tower purchase of the to of wireless quality have consolidation low we we purchase national in signed the to three assets agreements they're is and prove Over will planning with our that non-Indus their churn company, our

investors XX-year our strategic executed Tower's our their us flow thank American to past growth, share And you returns hope cash over Double-Double I expanded years. strategy strong over planning as for we've in about cycle. like potential next I'd XX confidence enthusiasm Lastly, and for that the our our

turn I'll that, Tom. with So, it to over

Thomas A. Bartlett

solid Jim. Hey, morning X%, over in QX set everyone. will X,XXX organic this of acquired billings which nearly strong added saw morning, in new generate set we growth sites, of which growth of a assets year, thanks, to and another for Mexico, that up The Good we you urban consolidated think strategic results leasing drove tenant wrapped come. telecommunications years

stock quickly steadily of well year. million $XXX just XXXX Jim and increase to, positioned let for dividend alluded year. repurchased throughout continued into our also as we the operating results and we're But We next our we addition, for our to nearly XXXX. me In of get summarize believe common before details the expectations,

with If you X% growth volume on tenant business drove year, for consolidated growth billings basis, throughout geographical please full our turn over organic to X% gross we slide the nearly from from a of footprint. new coming X,

first in growth year, from and U.S. a XX prior quarter. with by revenue expected major amendments to over segment basis Our about associated the of escalators of slightly an as contributions certain in existing some was U.S. property year growth wireless the agreements X%, X.X%, associated offset from compared networks. XX% full driven year timing MLA partially colocations churn which year. was Volume was including billings just contributed the growth our was the for X.X% carrier and operational lower master impacts four X.X% just signed churn lease about for X.X% to tenants to rate, due growth This X%. with while business one contributed new core QX of pricing of tenant with the growth points big the by over amendment increase organic

X.X% was about activity network International nearly across and capacity. strong of of six wireless was U.S. significant of generating remaining X.X%. run by in amendments XXXX, while churn quality tenant concentrated of a higher rate both over data Reliance churn networks the our and our tenants nearly in another drove Latin carrier full Throughout contributed like where by Communications Mexico with consolidation about around was term U.S. and in year saw full-year organic growth, of year key our the points, would accelerated added related This on double-digit by footprint, plans year, been the in Other have about to Brazil by including X.X%. that Adjusting unlimited majority the America, of was focus primarily the billings billings at for of and increased Colocations escalators across of international network non-cancelable quarter. offset the we markets This four the contract the carrier more our growth The years. international X.X%. existing which XX big growth. particularly X% as items in end India, growth video consolidation-driven rate their basis organic XX about as carriers for impact basis XX%. average this, coming than Importantly, points. tenant the spending mobile churn MTS, of more consume fourth supported

course the XX%. with On we on sites, constructed was acquisitions by day-one the international over added sites this year our with newly and day-one over to the X,XXX average the of growth, the last our X% billings yields revenue of NOI tenant associated nearly global another driven primarily well contributed as our the markets side, as inorganic

and also operating expenses, strong XX% to AFFO EBITDA in we top consolidated adjusted and the slide XXXX XX, management and growth interest diligent generated line CapEx. driven Turning growth maintenance by costs of

exceeded MTS to by and about for levels fourth of initial primarily Reliance we million. a assets India the grew margin during Communications. holding despite rates Our booked reserves adjusted at than year, debt bad adjusted $XXX addition added in XX%, EBITDA was the increased the EBITDA by outlook we This EBITDA churn number new of we related XXXX elevated more steady with Notably, and our quarter XX.X%. the adjusted our during of

over drove to and per also AFFO $X.XX, existing Consolidated investing AFFO nearly operations double-digit across growth consolidated opportunities. for while XX% share ability and reflect growth on attributable the while grow XXth per the XX% optimize grew of share continue XX% nearly manage types and long-term nearly year. stockholders These growth grew in cost, our consolidated consecutive a our XX% rates to We to share grew simultaneously common AFFO our effectively basis. base globe, AFFO or AFFO to per asset

outlook, inclusive the At lower another for impact Turning India at to slide growth take straight-line X% negative churn. of expected an the of the let's X%, revenue now of our over look and carrier-related about a XX, expect XXXX. of midpoint property expectations revenue, non-cash we consolidation-driven X% from from

supplemental our will of just and about our growth Given provided and carrier for our churn of property X% ongoing package. churn, We be in our we normalized expectation growth levels roughly X% to event impact about anticipate or growth total the acquired that of transitory carrier actuals impact X%, the reconciliations outlook tenant Normalizing the in to outlook consolidation return consolidation-driven by this increase this by XXXX press QX on X%, revenue consolidated a assets. XXXX we release the India-related will India organic tenant and will billings billings X%. driven from of that of and beyond, process newly our XXXX expect more in and in constructed contribution

range of consolidation-driven organic be Excluding at carrier growth X% the India, in to tenant X% in midpoint. the billings churn impacts the total would

be by $XXX excluding is closings approximately of in impacts million approximately to X XX,XXX by and sites reported Vodafone cash from on about May in, the straight-line $XXX assumed both total acquiring the transactions. or basis, revenue increase for All property a India, impacts. million with includes expected we'll outlook Our Idea

X%. in increase business and sequential excess surrounding new includes QX, applications U.S., growth organic our most including in a deployments. year of are projecting tenant This expectation growth activity the lease you pipeline, again As global significant we associated we strong billings of billings where in can driven of which tenant organic in by reflects XX% expect our footprint, across a partially FirstNet see,

our data up market, networks to largest demand usage. We in making continue our for carriers growing wireless all keep with very in their see the four to national this, strong with demand mobile for investments sites

U.S. for us during while tenants, positioned In our four our of network fact, initiatives business the levels commencements footprint years also big expect to year. growth with region. evaluate to our new expect be organization. and markets to in Brazil, to market, we we dynamic accelerating by generate of growth We're as optimally an deployments expect is including organic support value, Latin the particularly U.S. build-out nationwide Mexico, the and in projecting new to a add strong two projects And we alliance Philips innovation rates contributions other existing well wholesale opportunities extremely record continue of tenant the In largest XG and Consortium. in to strong organic the the America, we be organic Lighting additional host driven line, XG a billings come. to our Mexico Bottom of multiple within by continues ongoing for growth other Altán from and as our network

XG commencement to business in by and have particularly new as well, XXXX deployment economy the are making XG where represented growth expect double-digit And our telecommunications is significant that their usage areas, XG late is we our a that year we're investments of and a side. fast primarily the third mark penetration portfolio. to tenant we result, urban organic the continues quickly, in in Mexico. in XXXX urban off year XXXX multiyear a start. straight smartphone the daily stabilized, driven growing And houses opportunity new KIO we in the as the acquired excited to about mobile dense we rise. in networks from networks, billings Brazil, near-term expect business assets of As Brazil, Networks portion of XXXX significant record Mexican that tenants have portfolio appears strong will which fiber-to-the-tower and to the of Further, be of in

billings of operator strong We significant growth these and as leading tower in deployments expect position XXXX. to a utilize the share a tenant country, organic drive in our capture to

a billings between Escalators are a bit as the expect LatAm in XX%. in down tenant expected volume of to new expect is which billings we XXXX, strong expected we X% to be particularly XXXX be in to be growth as quarter. lowering commencement results to pipeline EMEA down than we is previously, from the and carrier dollar due our rate. to for touched volume region in around in I by And in The our finally, activity whole, the overall a Meanwhile, are well the to builds, be the were of well growth both the impacts in churn. actually levels, expect include we lower Asia half X% expect as of colocations more tenant X% inflation. basis, which and XXXX weighted, back EMEA consolidation-driven region trends supported application the accelerated lower XXXX. organic On underlying rates fourth to a the is significant upon organic as to continue from in between amendments expected growth X% higher and XXXX, organic For and from year strong as but be

Tata the as As we tenancies Uninor finalized, potentially combinations and exit on smaller certain Airtel, Vodafone our such and Idea, Bharti rationalized. are expect to carrier Jio towers the RCom, market, and be redundant and Reliance other carriers some as of

along with the billings lower expected of focus tenant gross nearly about for consolidated businesses, nearly in business X% decline on expect in in of after of result, we churn. an commencements the impact India half assumed year, integrating our or of levels this consolidation-driven results consolidation-driven churn, a full As their organic the carrier as normalizing XXXX, churn carrier that X% churn of a positive $XX X%, for to rate X.X% comprising outlook for the the year. includes new million Incorporating carriers

basis, combined So, impacts X% Indian X% of churn. to this positive organic international we expect XXXX billings or on a a the about basis, of carrier normalized excluding X% growth on consolidation-driven a tenant to X%

were in on to a like the other what we dive seeing Turning the year, for take slide into slightly India. deeper outlook move to we to before aspects our of XX, I'd

last eight As historical by near-term we've consolidation we which will driven the wireless be nine carrier over or process, market communicated carriers expect down the the current four. churn few consolidate quarters, above through think in significantly to levels, we this to three or

and XXXX, towards expect of incur As expected customers capitalized churn, $XX which next deployment over XG insatiable spectrum across two in that time, new so. been whose There expect using Reliance in continue years we that more XG which annualized a will data progress a the we the extraordinary to or term, And At to country of these are number the in have of improved be million years, we in significant just to mobile ongoing million impact next data enable marketplace $XXX total investments meaningful are sites demand I positions, we see India. better particularly described. made off Longer a of have consumer the steady of the given to for Jio, to includes by carriers, of $XXX specifically the same an portion the couple new of comprehensive remaining as million the primarily state amounts redundant, networks of larger, this XG M&A. networks carriers mobile in-year we satisfy expect in about every consolidation-driven churn our tenancies the carrier leases month.

be our pending Idea XX,XXX Given near think we'll incremental positioned Vodafone the optimally for and communications capture transactions, inclusive to real demand towers, of we of resulting portfolio estate. our

expect organic next growth our rates. the years, India couple over So, would view lower of to we but of positive, continues very to summarize, be long-term

to about the This also X% negative expected the includes straight-line for $XXX of X% slide churn. million expected after is adjusted Moving net to to on due a impact the normalizing X% over in non-cash for India XX, grow by carrier over EBITDA the or decline recognition. year impact consolidation-driven of

primarily to initial margin and straight-line, sites levels, EBITDA be is in the lower due the adjusted to XXXX slightly Our and outlook. India inclusion of lower acquired churn, the from our expected Vodafone down tenancy Idea

be a underlying in outlook, consolidated nearly the would expected XX% of percentage share growth India rates Adjusting SG&A of in Excluding consolidated And around consolidation-driven those at midpoint. carrier to and AFFO per per respectively. is expected under for our consolidated margin growth growth as AFFO are XXXX. expansion be business will churn, share our AFFO would impacts XXXX Meanwhile, and of XX% X%. AFFO X% about nearly be items, the be consolidated X% to revenue driving and the our XX% total be cash

expand In addition in our reflects initiatives. our efficiency growth this while and continuing throughout strategically base invest to sheet operational management business, prudent ability to costs, control to the balance asset and

that the to holding consolidated AFFO on approximately $XX so, in do in rest year a Finally, additional want incremental of for rates share million or an current spot the result or steady per I $X.XX note will FX basis.

see of our slide we the wrapped track you to almost on markets, As record years, initiative well infrastructure. have will believe stock the the share. our Double-Double while last five of tripled more seven can most targets. have strong secular are XXXX Today, continents, up in growth in just populous long share, our entering for tripled consolidated site significant and where financial count, mobile in our democracies per ahead growth trends significantly we've added new In drive operational XX, initial common our in nearly five we per positioned than communications doubled the and demand dividend free-market we AFFO

our XX% dividend of more XXXX, CapEx, and repurchases. worked deployed $XXX We enhance to in committing over nature. our diligently million towards share was we During which strategically excess than discretionary capital and growing invest of while portfolio,

to $XXX $X more also our increased beyond, and similarly simultaneously spent In and million billion diversified a dividend XX% of balanced in than for acquisitions, by stock. approximately deploy XXXX common our capital expect manner. we repurchased nearly We

and These M&A We million $XXX billion are construction in our CapEx. XXXX pending our typically the where $XXX in for sites, markets, primarily returns committed million midpoint day-one another of double-digits. outlook expenditures $X.X new build to committed of include the to at the about in new international have

to program use combination commit multifaceted levels capital Additionally, prudent repurchases share common subject leverage, and we incremental billion to M&A. available profile. our stock of our additional deploy enhance are return cash to we total Combined expect approval, our a board dividend, of our well positioned with deployment $X.X and to roughly to towards

our repurchases and allocation see Double-Double deployed however, return transactions Turning we including been XXXX both profile. GTP to period, includes dedicated construction CapEx, $XX site quarters diverse share and and invested About in of in slide the a discretionary stock number XX, are growth including in new believe important of $XX to that strategic U.S., first components capital. total billion time Since the in XXXX, through has expectations billion we three capital Verizon year globe. this like dividends, This the the long-term are our augmentation. to around other acquisitions and with continue our portfolio billion in nearly acquisitions practice. capital you of and We've acquisitions, primarily common the $X which approximately our historical timeframe, of consistent investments of around of can

our Additionally, assets. maintenance discretionary just CapEx so invested approximately we've low non-discretionary billion or of ongoing on billion initiatives, $X given requirements $X CapEx on spending while projects, the

the our stands operations over expectation, around billion at of in double-digit Supporting XXXX, billion $XX middle excellent less over growth and is committed market, than $XXX business States, deployed America legacy also cash billion. spend largest XX% footprint, to of United XXXX. rate about in $X our position to in over our $XX see million since Inclusive for our metric grown the to XX% high-performing from during decade. our which significant And investments, flows markets, diversify can our across years of this acquisition us India. generate an contractually well-diversified generates XX% generated CapEx portfolio, These XX% in our the in grow has our in to EMEA, growth our The with allowed of XXXX from have flow growth along today come. cash has with compelling the in been an in in presence remainder of average growth we towards and revenue, expect directed half to since cash our than that chart has in of Latin believe investments continue geographic and the of We've the to slide, in cash you base rates the those at been which vast As expanding we're cash XXXX. nearly last portfolio majority in this nearly business XXXX more large flows.

record our in compelling our same strategic same key common XX to long that the the global key in success. initiatives continued track long-term strategic markets, generated through have In we substantially and continued Turning diversify footprint stock dividend our operating results slide on company's over XX%. we're XXXX, the in past enhanced At delivering our strong to across enabled summary, of selective and XXXX, metrics. growth we acquisitions, our by time, focused grew positioning

operations, efficiencies programs. explore and opportunities, repurchase our drive share drive to evaluate and cash avenues growth to expect future our additional our shareholders We dividend accretive through return to investment across

FirstNet provider service well Our footprint. the providing the trends to positive, so key along Indian long-term our of like to Mexico some In associated We drive in seeing growth And compelling data. that, where expansive is strong continuing take network of with tenants to operator, around demand for international India, wireless and global industry. per with challenges seeing to wireless for continue to growth our growth. we're attractive with shareholder mobile growth best the the be investments, positioned share globe. dividend we and the we're levels secular excited ongoing with we markets, usage, the to particularly committed in choice associated using do real total are consolidation-driven call rapid story and we across fundamental And in AFFO amounts the in demand are churn, by into in XXXX Brazil. carrier across estate, our extraordinary in we can global think have over markets organic Q&A. I'll mobile our some we consumers initiative deliver and to optimally in We're underlying expected positions us very the portfolio growth possible in the the the help And resulting U.S., data deployments mobile are usage returns near-term as the turn translate

Operator

will the go Raymond from come first Our James. Ric Prentiss line of Please of question ahead.

Ric H. Prentiss

guys. Good Thanks. morning,

James D. Taiclet, Jr.

Ric. Hey,

Ric H. Prentiss

like MLAs. if That a when looks new you from of Hey. implies I the particularly but quarter out in straight-line much maybe here, your Questions pieces. moving the was last put not Obviously, adjustments on could. lot It details a changed of lot least. no U.S. guidance, at supplement,

guidance the kind you do can ramped FirstNet could compelling revenues? us your we're throughout So, what growth help as trying be to to it FirstNet gauge is it of or could understand, in So, the all year? how

James D. Taiclet, Jr.

broader Ric, in of context key FirstNet one addressing we are good It's customers' activities with of The is way morning. the our the across Jim. us board.

technology in heard visits least You've implement they them not to cases, more than plan that one from at upgrades. site to make most one, if

So, FirstNet those of a truck is rolls. piece

or applications difficult, So, not, through into FirstNet et therefore, guidance really or or get that not, all that cetera, when is our include it AWS WCS but spiking out we roll customer not, line. those

than looking can. So, able spiking at aggregate, speak to on We're FirstNet can deployment But and that obligation really aren't not in whole better we're picture. own. the who's necessarily customer out we got spike the its the to

Ric H. Prentiss

Sure.

Thomas A. Bartlett

mentioned the in million. my the mentioned, I overall applications follow to of as United remarks, straight-line is record $XXX $XXX be nice as did business In in in million, a a commencements in growth to levels. the see from I States, new to decline you're QX. QX expect on, mean, also just And Ric, I at right, we XXXX about United we States sequential

the in gives of U.S. that business. So, you we're I of think our kind sense seeing a demand

Ric H. Prentiss

term then, Jim, mentioned you'd And you possible. the lengths when that extend Right.

we MLAs think of is carte you in guys MLAs So, versus works? Or that there la how the view should U.S.? kind going the some in à

James D. Taiclet, Jr.

about We on of holistic if basis, it's in each agreement customer, time with terminology, continuing comfortable any long-term a our cases, joint point at based application it's a agnostic or and our time, time. you site at sort customer's are that needs. the agree We on in in whether a many And whether MLA given it's collective will. at a retail

We can on a get basis, as site deals. will agreements there larger introduced a seek into to retail those well. extensions But even to at a time continue be

at with in based in where their So, pursuing customers of plan, we're stage. on using our most confident tools are in all deployment conjunction the and that they're what they

Ric H. Prentiss

I if could India, in. on it One squeeze

consolidation I for churn. think mentioned you the India $XX million carrier

Thomas A. Bartlett

Right.

Ric H. Prentiss

we think be India. range churn that through churn Just be normal trying top that? might of should in to India Should still total of what on the X% in think in kind

Thomas A. Bartlett

probably what think which yeah, Ric, range, I has been right. think it that it's Yeah. historically. in it But, are $XX million-ish numbers I your

Ric H. Prentiss

side down so India, as effort of the then bit is maybe a percent in little growth well, gross high-single India? kind consolidation digit on gross And of Okay. in because

Thomas A. Bartlett

you is in I what was below versus XXXX, very business probably Yeah, the I But commenced think if XXXX even strong. mean, still look at new it XX% to XX% XXXX, and their depressed as the the a little result plans. activity of of network in looking marketplace, of carriers are themselves at all the all bit a it's integrating kind as of

Ric H. Prentiss

Thanks. the question. Appreciate taking

James D. Taiclet, Jr.

Sure.

Operator

our Bank Barden And next David the you. comes of Thank of line America. of question from

David Barden

taking morning. for Good Thanks guys. the questions. Hey,

follow-up, another guidance. quick Tom, Just on

exploring? back want revisit to slow any outdoor that you're tell questions, this distributed what's make you're and like go is your of couple going think, us you're your kind mapping Jim, just Viom ideas kind fiber-to-the-tower looking then, what strategy first, incremental that Idea numbers. does that I kind included, then, signal out of some of that And a this And perhaps Vodafone innovation or India, You these towers projects of budget second, you there you the does pie? going some And at? with of on systems been a Could the project? of the that's roll competitors Thank in and acquisitions of the for adding total have to you. to in

Thomas A. Bartlett

in about of the million Idea, EBITDA India kind of beginning Hey, the closure of Dave, housekeeping forecast. let have the and It's on just – on as assuming acquisition, $XXX Vodafone, that. revenue, me we're we of I $XX said, the just million that May about

James D. Taiclet, Jr.

take questions David. in I'll the So, order,

our tremendous the I'll modest typical answer us. And versus that's We've do hired makes view SG&A technology opportunities innovation background commitment. office through do who's industry will, there, to them On real valuation by what environment. which run some goes And commodity other is investment innovation including budget, investment fantastic side. when Chief process. have we settle Technology franchise of thing four in way sense. we because got the down sort to the attributes long people, is, mean out the this opportunities of your every are have to in and or on to that process That's committee the five in how we're the I corporate for and a speak a It's just small Officer that? if we examples investment opportunities would single-digit of a dollars, any into Corporate you millions then, really got run controls, our And the I that of included what SG&A. models And estate do, only just fiber whether do cell really opportunities seeking. or Franchise question assess quick, they through follow-on of which

versus asset mean? in be will means where can on We It situations would invest What platform, a an our open franchise return we commodity field. exclusivity based that right? get around does target the a

we'll but or like need well, or something So, we systems those small close get the as runs projects, within on cell or can building. consider When it. we our exclusivity indoor we whatever, to that fiber get DAS exclusivity

few competitors Secondly, relatively and competitors doing those running already assets. out deploying and small – relatively

to see that a fiber we that So, because in attractive running running already anybody towers, fiber of big Aires, the Argentina, place, any networks, there. front difference hardly between us. we can we don't And to say are franchise get large as integrated anybody Buenos really whether an hardly there's have competitors

we companies the States, United with These are you're that, right? miles the So, big XXX,XXX size the for fiber, telco for can't big in when each be the landline if of the you you example. look cable would of at, U.S., that companies significant. compete And route example, and have

in low asset relatively competitors, in few relatively you you long-standing competitors. franchise have So, And investment also the place, to that competitors, we that players. big been speaks small and like have don't aspect. has the another prior relatively because don't There that

of aforementioned U.S., fiber Next customers. customers. with large are In competing we'd our providers is the be two two that competition the our with little of biggest

don't markets, hard. fiber. few In fiber at something the and that's we explore look have – but Telcel has Mexico, other Telmex of smaller in any the is that's customers. deploying our Telcel assets a our done investments, one one like country. where Mexico, So our biggest in does we've of customers fiber begun to

we look the the So, who are. competitors are, customers look who at we

want be to long-term to we facilitate Finally, able contracts.

when on a So, no then you've first-mover advantage you've got the asset. competitors, large got few competitors,

facilitate opportunity, You up which finally, supply demand exceeding can actually with long-term we're multitenant future contracts. future in then, really And a basically you end is after. what

and fiber else are I going those look Is lens. to investment every for, small attributes investment, is franchise how questions? missed, the look at that So, types and we're that's that we your every every cell of tower there of David, anything through investment, set on

David Barden

comprehensive, Jim. was Thank That you. very

Operator

of from next question Amir our the And you. Barclays. of Rozwadowski line comes Thank

Amir Rozwadowski

the good of been is think have how and U.S. about as activity environment. folks, touch some that course year. your course in will wanted there much, one through think the that activity guidance, any pace through can Jim, I I holistically there just on on it demand year? levels the levels of you the we specific mentioned carrier the sort like again you to is when you questions framework think very of filter provide sort base Thanks to embedded sounds the of of morning. that the of

your then, would fair direction business it would large-scale tangential a that these sort of of sort of like touching some that you the lines opportunities? the innovation It how the those be of sort about opportunities those is upon think specifically, expansion horizon transform of of how focus approach scope, think that M&A the on within selective could innovation. any I along in to thinking on markets. we M&A any any say about really color the question should more prior So to sounds And Is help – on be helpful. that about capturing mean, in

James D. Taiclet, Jr.

Amir, that about believe to lot our going in innovation, that, of interesting activities happen tower is the with we subject, start a Well, innovation assets. what's I'll core macro

lease actually our existing existing and cost, the site give let lot be will the higher one can out countries, assets get So, there four where these in investment we right? diesel and generator, solutions which of customers, in that our opportunity about take at more, using look where for robustly or eliminate solutions for you me – customers reduce we markets, energy potential in if emerging put these the a here. is energy of a customer, for for that. dimension One cost set innovative So, kind not a more rate is to diesel example, an half distributed operation

this. to ways can a one having their of existing many going either customers with on predominantly our of to get billings existing of increase It's innovation So, new just example that for towers is us. toward our lot – drive our them or use customers new we

the customers is New MNOs up for it other in beyond the our doing and years, but four been to going going world is step the U.S., on that, XG MNOs set dramatically sites, we're we've it because tempo existing actually customers than on to in be we think opportunity elsewhere. wider of the

Johannesburg, already real requirement, those necessarily cell small meet So, this the do like three I that is of assets in actually M&A And siting M&A and Buenos all front center. of and talked characteristics and franchise whatever the Mexico buy we program, the in innovation large fiber and it, City not Aires estate infrastructure driving requirement about.

franchise have, we so returns because tower-like the again, they have will characteristics. expect, And towers same

of existing necessarily of won't as when our M&A lot space. at we a franchise asset do estate to going outside look is frankly, in we the it's come real So, base, it through charter, And innovation going our today.

each As far customers, to in going that which half. We're U.S. all the start flow U. is already customers, many February. flow, not the the S. first big seeing, of we're the the with if in will already work strong as to year application with derivative of application will in how billing, a as of our play as as our we give of those customers We're call installation as an updates that it, through really And and and you a exactly said, quarterly we revenue as in out year, a or to do the continue flow when our far strong notice Tom we'll already there's U.S. as results. the that proceed, when hits

Amir Rozwadowski

Thank for of giving lots you much very color.

Operator

Rollins of you. Thank Michael comes question next our Citi. And line of the from

Michael I. Rollins

the could. for I questions. Thanks morning. if Good Hi. taking Two,

in Thanks. invest First, a in where I curious, you year. you to could of kind to leverage? leverage expecting it four-year debt rates how peak would CapEx in at at site U.S. carriers recent sensitivity? the the net totality relative where amount frame bands want to And you you a for out relative to leasing approach was the multiple target you're take site if your technologies, rate way shake of you environment And revisit fit to you want does growth from can to past, the of cetera, And changes leasing two the view? target what see growth range? given framed your in there secondly, their then, the Is look that with that environment, the a where you in that activity in rate networks look affect spectrum just different could mentioned, et you that if on to a at

Thomas A. Bartlett

fixed in in in sizably overall next our that there. rate candidly, what in take give I outlook, in rate That'll expect what a thinking the of to me rate our And over our years, of actually interest of we're growth supplemental give we let little bit But some from debt adjusted of first. see, I the given Michael, color a mean, details. perspective. a for detail one changes how any you few type portfolio do fluctuations interest relative clearly, expecting debt and forwards We're we've total hikes. for more we Hey, structure. we capital our are terms wouldn't terms

it's very think I balanced.

grade, to investment to given think our to to are think be lot to assets a allocate. able of available I of grade or our to into, there pools are desire commitment I dip that investment and commitment us

that be able changes seeing, I fluctuations but that you of within of have And if sources will, in I wouldn't are some of supplemental variety capital to to the said, structure I in some major like, give the there access. we're that to might our expect that can you policies, So, extent what package given specifically, there borrowing. what as think are sense we details a cost look

James D. Taiclet, Jr.

year. opportunities methodology the on years, to years current the same over to limits last use as that we couple leasing which forecast continue next we or the Mike, And, so, XX of to forecast planning the have for basically

make when have public in what and strategic estimates market. the by course, growth what over In with we have, We the other of of what planning words, data-driven. U.S. and is spend we but cycle, our plan, what trend announced do or other flow application data is aggregate share the customers, is is current capital in we the markets the investors

three indicated, the of if the very U.S. So, touch those, Tom application you as on strong all is in flow,

next our that's Second, we the growth the customer year which tax CapEx the that. United over reform by we all with in tailwind expect the States. And will consumption in a few $XX implemented base, been this announced perhaps recent billion then, another have side, plus have XX-plus-percent thirdly, data on of years

years. we've X% magnitude see of we that's XXXX, those XXXX into above XXXX, next And beyond, But you subsiding a the don't over the strongly U.S. components think in years. be the of any But these give organic and get growth few roll for necessarily to of as better able to forecasting come data out the each we fundamentals. I for by as billings Now, tenant we'll in supported we particular those once some

Michael I. Rollins

you. Thank

Operator

Amy - Thanks. I And of Macquarie. you. (USA), pipeline. little the more Amy Yong to we'll could of wondering you Thank a was next, Yong M&A bit go Macquarie if talk Capital the about Inc. line

of perhaps Europe? about billion markets Africa and you, identified core Thank and that maybe for the $X Nigeria, you you. spending to of South acquisitions think I remain some

James D. Taiclet, Jr.

Sure, Amy.

described fire we're that have Tom the commitment Idea, always two we've the transactions. But Vodafone for in those many that, beyond is and the that So, irons evaluating. far primarily closing, so got

like out of willingness it our to have also pointed operators where meets the towers our we You've deepen do a course, do going criteria. markets And to a to owners sell. some investment And of when markets with has lot in major the key position. private those of would that to it when selectively, or we're

So, anything the that you to actively But assure we in I and we our to today. markets. core are don't available report are have understand can evaluate opportunities what

Thomas A. Bartlett

and build-to-suits we building of those will, NOI in expect agreements world. lease we're we our that highest around yields, Amy, to – double-digits. X,XXX we about have remind underneath towers, of out master you are that's the outlook, one if you, gate expecting the of rate is And of the

outlook. Got committed Yong that - Capital So, our Amy it. you. Inc. Thank is Macquarie within (USA),

Operator

next, And go the you. we'll Thank Deutsche Bank. line of Niknam Matt to of

Matthew Niknam

could. quick if I two ones, Just

And it AFFO but on slight the secondly, the per First, Deliver out, just Stand this it points share the going the growth specific to targets if the Jim, pacing sort growth, XXXX for of how planning deceleration in think deceleration the I are of know Tom there sort growth to the just or and any anyways. think XX growth strategy, U.S., Thanks. about you we was course of long drove about and in basis over activity horizon? ask on about portfolio or of terms or then, billings this what way of it's should could Maybe, clarify over U.S.? a quarter.

James D. Taiclet, Jr.

Sure, Matt.

deliver set opportunity planning XG the now the away continue of that over that's plan thinking period, we be to five CAGR emerging into. growth is right? double-digit why So, we are ten And XX-year years to AFFO start to is in aspiration long-term share future about look have per to to to our the world going what the

as delivering outcomes those growing our keep ROIC AFFO while and to maintaining really asset and through is operational of double-digit both share growth, objective doing our that's execution. against So, smart performances, well, those so innovation per

As other weather, fluctuate far that. budgets and change, quarter-to-quarter new not, rates based pipeline as believe of do customer-driven and like things the they business or including schedules, it deployment schedules, U.S. on

and is every This made a in provisions, large vary. the in quarters to year, markets, not lines a but and going where trend U.S., are off bit. throw certain other that not MLA major payments are there certain actually some it's variation So can the only little

Matthew Niknam

Got Thank you. it.

Operator

Phil of go Thank line And JPMorgan. Cusick the to of we'll you. next,

Richard Y. Choe

Richard is for Phil. Hi. This

few While negative with you little a you also provided churn of should of pacing Should think can kind relatively us kind of the AMT parts activity and churn significant the with little MLA And Or an sign XXXX over years? year? it carriers the to most remarks is the similar? of of bit details headwind the consolidation? give on from mitigate the in levels the next more be could we – color India, moving a all prepared in how gross about

Thomas A. Bartlett

typical the had Just in That's It's or we churn that I kind question range. Ric it's kind on think, $XX-plus-million, churn, that X% Dave. of side, general kind of see. that that churn a normal in just the asked of before, normal the

be mentioned, $XXX do would levels, of mention the I in. additional start a that did as I range. the As I high-water we going million churn that expect to $XX $XXX subside and churn. But kind said, at incremental for of to million I consolidation-related mark expect to million

because of that would the perspective year, you're XXXX. going of impacts look the tenant perspective, to the is similar happen expect an so carryover So, when to from at billings of the kind in organic going follow-on churn I – of into levels, we throughout kind you see growth expect that XXXX, kind particularly

James D. Taiclet, Jr.

the I this U.S. the is what's said, very, benefit and that that three the and that companies. the of as a And tower is over similar reordering structure a been mobile tower a in Richard, structure to makes result think major industry two I mid operators And market most to sector. and very in to States, significant long-term, has four in United for will the sense, long-term it likely industry incredible

each in years So, the for and But extensive that's of with of minute. the highlight customers, couple the big round. along a have I'll are negotiations already, in way, our next our expectation ongoing and and of course, relationships we just with them, which over frankly,

and the so some we to on of we First this in tower remain side, the meaning tower one that side to number are time, company unaffiliated. supplier equation, are independent expect quite the of remember, India, got all, for you

relationship We have the Jio to And of coming of – as especially Africa. Idea, those a existing Vodafone, consolidation, company. have just of even players operators are contracts all beyond along Airtel, towers. and their course, four end today. with through important and of ours the non-Indus with that, agreement, new consolidating business valuable you will in both commercial even extremely And and down Reliance the can go with with big that list, our lots extensive major three there's customer that the remain we towers in India is big at goes into a we

BSNL, companies of the going country. wherewithal, millions where market over with the we've be in of India. are companies again a and in driving with will customers we next be along have now, to operator into a are So, and will billion going serve handsets scale. of have XG up. that – relationship, financial many And take of have the the full each commercial years the position enormous, to to decades And drive an These longstanding the expect two are over the these five consolidations really, these we requirement be those scale four had scale, going and carriers wraps to that, that They the excellent to capability that completed well-positioned we'll is hundreds each. once going next we're network the have to consolidation over in ten side, to the once on to advantage be

Richard Y. Choe

Great. quick a And follow-up.

the should past? in consolidation seen where the difference terms of building expect what steady be it India? we the any Or those, new to should In pretty in expect in we've build-to-suits, you're given with terms we of

James D. Taiclet, Jr.

I think it's pretty steady the seen with what in you've past.

bit seen a of Latin but it demand pretty in the pickup there, of the we're past. actually what I with consistent in given a America, think some seeing you've

Richard Y. Choe

you. Thank Great.

James D. Taiclet, Jr.

bet. You

Operator

the line to go of Flannery Morgan And Stanley. Simon you. next, we'll Thank of

Simon Flannery

you haven't this they're to Jim, And you are there activity beyond of deploy that of in sites I go. case very more you sort $XX million their you activity this kind let much the worst in LTE beyond or cases, is the of exactly the some Because more some starting you from, Tom, timing carriers? morning. any others of that wireless finished about RF Thank on terms year, thinking scenario and are exact what visibility do going it have how companies see tech of exact assume or over what the the Good companies major are the planning Thanks. middle the Great. say, deciding to what traditional expect? a to keep could And Is and looking much. then, dimension? opportunity? for to the XX-year coming back big and plan,

Thomas A. Bartlett

point. plan fair I versus is well Simon, Sure. the pretty we've mean, balanced first in half. half second what assumed

Jim a pretty there. occur. slip balanced be of would can month it – I and of fair year, and expect wouldn't and But given that said, continue that pretty you are we There kinds changes, there when So, our that's as throughout if half a lot And it's I a second to said, expectations. the will, the those the exposure, half. update. as But think first the of to extent assessment here we'll between

James D. Taiclet, Jr.

you costs, of customer indirect the already. for to Simon, could center call at So, with latency and and a whole those I the are ground consumer core direct, have just their space want some of closer edge reduce reduce to our to example, We're that would we entertainment what some companies, that sites network and stations, as of tower that for edge of edge companies then understand So, to the et in that this long-term speak and other engaging already and to also data, sites, the content plan, their might data it, have is the to data. tower center frankly, sectors about for utilize stations I'll data improve cetera, did over backhaul range us, think companies, are if countries delivery doing right? opportunity costs, ground

the involved we're either one that's service category. and category in airplanes. A of delivery already So, Internet to which that's is second aerospace,

We of a control and you circumstance? the be could a that in do technologies customer who in such FAA may navigation network. are we customer satellites defense also there's of Amazon that right? a a does combinations to and stations And But think, the ground to that autonomous opportunity, air-vehicle that drones that need the even company and generation have here. that be delivery line read It be requires, and other this tower-based which it outside think new could already. could U.S. bring control of the sight, large going would about other contractors, there terrestrial will of be using as now seems But things have much week then to of

on in ubiquitous So, or View. the freeway be sort these of land When we're kinds around at customers And they're do of side the are would the smart some then, may place. trucks whole things on needs any whether put the Mountain looking be that. this companies do future. potentially autonomous scale, do or vehicles, indirect themselves of auto or Mobile the are you Google the car driving have electronics well. needs a of may operators of actual cities companies to new those Municipalities there may siting as some at through kinds architecture in they

an what infrastructure mobile they're going come through the through as us directly business operators whether what other us. far operators from those lines siting, of for need out going to in we're going it's to all sectors are sectors and many So, going work as are and way players to provider through another to those with of then our of as architecture figure or as these but their to need

at So, that's how it. looking we're

Simon Flannery

Sure. lot. Thanks a

James D. Taiclet, Jr.

Yeah.

Operator

the our UBS. Batya you. of Thank of question from come last will And line Levi

Batya Levi

thoughts Thank also you follow-up any in to high you. India, XXX U.S. XXX Thank to churn, these Can assets? similar you. on a mid view versus international your you guide provide to international U.S., And long-term on levels. color versus on is faster maybe to update growth your the and bps level, At remaining Great. the growing Viom? internationally bps a India stake to the some excluding used to of the acquire now

Thomas A. Bartlett

Hey, Batya.

of think I couple are we're XXXX. there before, that mentioned in things I As seeing

look If Latin at solid X%, really the you bigger there, business. growth American market, It's XX%. a

again you mentioned actually EMEA, but at record principally marketplace. even new of if as little include And things down I bit in to bit you be – growth solid really of in And marketplace, XXXX matter more in of we're it's still seeing the but fact, so we're it's little expectations at that build-to-suit even look looking the of kind activity, a the is business higher because back-half-loaded. XXXX. going In two kind a said, I as the than a the

inflation. or that's so going escalators So, And of XXX with going to have bps decline. rates see you're to of fluctuate

we're is impacting we but And And it's churn, it's gross. are yes, bringing we another so, actually in talked or so. down, marketplace which seeing probably rates well, XXX on basis inflation lower as of the side, the the excluding the the points about – churn, also India

and still is kind we of Jim expect new are where as the XXXX, in it the what And below. XXXX. it The going is commencements XX% below laid was it's strong kind it While in would in growth that of out XX%, to business to couple even kind market years. rates, new over those this gross of we levels in saw the those years, expect the that of get next several back last business we over reignite on

from those a going perspective, penetration to expect would we rate heavier they in will longer things suggest that U.S. the would be being markets, investment where of international is from our market. growth to be the So, those business into perspective, to made I line smartphone U.S. I and of technology that given where business a even from all we're term, the may is. absolutely are think seeing growth up outstrip there mean, north

James D. Taiclet, Jr.

also, of little rebalance markets region. EMEA to region. many sort And and have which mix emerging Batya, is was markets we in reasons, was for that bit It we purposeful of a change recently, France, when added one in but them our of developed

therefore, the so just market bit, adding little And growth the by the moderate total mix. rates developed another a into

evaluate which and to are Viom, right? one we over Macquarie report As next three four we'll involved, in parties be to the But of ourselves, to years. a And over stakes over one actually, series a And interest three local and fair there next that our some go. IDFC, company the or Teleservices, and one the maintaining, amount interest a remain. in of as is interest years. So There Tata to there's all far everybody's investment puts years. India. ownership us, negotiate reducing of TIPL calls the in in discussing the expanding is we'll there's parties as of Between that, we'll it next three four

Batya Levi

Thank you. Okay.

James D. Taiclet, Jr.

Thanks, this again us. you thank That And concludes call for Great. the everyone. morning. joining

you If out to further soon. please team. Igor seeing to you questions, and the forward have any look And reach

Igor Khislavsky

you Yeah. Have a great the Bye-bye. rest week, very everybody. Thank of much.

Operator

our conference today. does AT&T that for participation conclude Service. Teleconference and And Thank for you for the using your Executive

may You now disconnect.

American Tower (AMT) 27 Feb 182017 Q4 Earnings call transcript