Hey, thanks, Jim. Good everyone. morning,
markets. double-digit more see, Tower, can X,XXX building X,XXX normalized U.S. you new year very two AFFO share tenant leading for growth a strong of was sites, over American per record entering and we XXXX organic generated As new growth another and where acquiring rates, billings while number consolidated
common average our full while by grew stock over drove also average year. our of cost dividend tenure by our We down a XX% and again, extending borrowing
our Deliver discussed, with strategy, addition, our margins we regards to Jim normalized expanded Stand on continue to execute progress our made In initiatives. as just tangible and and innovation
we XXXX. let some highlight our discuss Before XXXX of operating full outlook, first results of year me and QX for financial our and the
X. Slide to Turning
You including continued markets, operations. can and showed X% in X.X% that strength Africa trend U.S. see X.X%, our led by across QX nearly tenant consolidated our We normalized X%. underlying Latin XX% and growth of generated billings at the international growth organic in at America our
across new the for increase As Mexico. in slowdown generated decelerated generated business pull quarter. commencements a from rate their international This and year. markets, in of new back and record of continue earlier navigated expected, Offsetting from an gross was in portion prior the to the the process approval T-Mobile growth due business as levels Sprint is business the our particularly new to U.S. quarters as Brazil this they from we merger largely
expected, as positive to Consolidation we largely international QX in impacts operations subsided. churn And organic our India billings Carrier returned of as the tenant growth
property rate more growth was revenue than quarter, our consolidated the For X%. normalized
our normalized and XXX of growth generated expanding points. EBITDA basis, addition, adjusted adjusted on than in the more over again In by XX% basis EBITDA a margin we quarter,
growth growth we normalized adjusted of per to that And EBITDA converted share AFFO, in of finally, resulting XX.X%. consolidated XX% nearly consolidated AFFO
X. on Moving to Slide
About on another X% For of new normalized generated growth colocation the year, consolidated billings basis. was X%, overall escalators. our X%. gross X.X% driven of over tenant around growth revenue with normalized being driven and volume that a property churn by this by growth full is activity, amendment from organic from was X.X% Normalized
as both globally the assets, For activity, $XX gas we new for built on million amendment and as in organic with recurring XXXX sites. par over co-lo tower commenced newly well monthly our and revenue year, across
growth property around and third by straight organic and supported Our signed growth in offset impact for segment tenant growth we was X%. contributed over negative of items. for colocations of the X.X% year points the rate, the X.X% reported U.S. U.S. in pricing basis churn contributed year from roughly the $XXX million from This of from growth escalators Volume by just benefits billings revenue full partially while about XX% nearly was X.X% line MLA some amendments other XX and quarter.
spent the in than wireless again during their year network usage carriers upwards to wireless suggest mobile billion performance, experts data support by Industry of as $XX capital grew more XX%.
X%, while on Our non-recurrence settlement, reported international property of Tata revenue declined by year's nearly X% the basis. a given growing about normalized last
around revenue organic Normalized roughly growth, was churn the and Mexico, nearly spending added the international in Africa. significant year tenant Colocation/amendment X%. run X%. was XX by Other X.X%, about basis network markets items Brazil escalators key billings like grow of while South normalized driven while rate contributed X.X% points, growth for
sites X,XXX X,XXX last global than included two X% These or growth. December, Finally, of in in the million over with as our X,XXX acquired added course do and the not tenant contributed XX,XXX day have assets new and years, our operational of billings than the to America Africa, of we've one $XXX revenue sites the well construction sites U.S., results. really the closed associated the over more more late as any in Latin XXXX on impact roughly which XXXX, therefore,
Slide to Turning X.
strong We AFFO diligent EBITDA revenue of also operating and generated and management driven double-digit costs. growth underlying XXXX, normalized by in adjusted our growth
adjusted of to a points. margin XX%, For the XXX increasing nearly the adjusted roughly XX%, with year, by year-over-year grew normalized EBITDA expansion corresponding nearly EBITDA basis
last included over million normalized significant basis, in fuel particularly adjusted of by These our operations, outlook million. fuel in tenants EBITDA FX-neutral XX years. progress we management EBITDA an our over our adjusted the for for Africa, we $XXX saved XXXX exceeded initial where results On diesel liters two over
end with the than the batteries around sites with of X,XXX had more As we of year, lithium-ion solar. and XXX
corresponding AFFO straight our by AFFO the growth. double-digit and XX% XX XX% share grew generating over normalized consolidated year reflecting of by year, consolidated also the We for per AFFO
our of grown XXXX, consolidated share CAGAR in has since fact, XX%. In per AFFO
outlook outpaced we $X.XX consolidated share. performance, or initial EBITDA adjusted our basis for our expectations an per around over million AFFO normalized by with FX-neutral on $XXX As
Moving to Slide X.
XXXX. look our for Let's expectations at now take a
Before like included assumptions numbers, few summarize into we of outlook. in key dig the I'd the high-level a to our we've
this we as a early First, XXXX. was the mentioned to of to and they merger part business from that as Much expected, of activity in through their new approval lower carried XXXX. pipeline deceleration earlier, and over as saw I our in process. attributable the U.S. commencements of back and half progressed deceleration T-Mobile Sprint, And levels is
affirmation court until the not our the assumed of XXXX outlook, the new now with half have for back but deal, the reaccelerate of recent activity year. of the purposes will levels Given we that the T-Mobile
of the We it the when occur significant unlikely re-acceleration of the timing the in closes. the this upon merger exact to first will year. point, expect depend view rebound at half But in activity that a we
believe the in temporary, And to current of carriers patterns expanding their again, are need highlighted, usage all as will levels continually customers. networks the we the their lower activity marketplace Jim in of meet invest to as the
market. any In addition, assumed activity into new potential we entrants haven't the from new
result on placed the Meanwhile, India Supreme some planning perspective corresponding being of and for uncertainty while Churn we've gross largely in from by in adjusted the as legacy has on incremental additional definition of anticipated, India created Carrier XXXX Court layered wireless a the India, the subsided churn the as Consolidation-Driven ruling a recent liabilities carriers. revenue,
that with extent, churn is possible this solution the reached that is it issue, will materialize. positive incrementally however, note, an the respect AGR to I'll included not to
for of less expect able near levels lower we that carriers gross make assumed we've XXXX, network reason, to in same be new term investments. as the India for may Additionally, business
expect levels midpoint account revenue X.X% into supported churn to acquired property new assets, the solid both assumptions we consolidated overall new of or contributions an and from on outlook, of these business, FX-neutral basis, lower our grow X% at by by built. and Taking
property expected an impact revenue to U.S. property growth in than revenue or is international more million XX% to despite FX we range, the anticipated our while Our grow from translation. $XX negative expect mid-X% be X%
XX. Turning Slide to
We spending carrier component network in multinational again by U.S. the made overall XXXX, we're around being tenant related a on of investments our billings over large principal by X% of be business In we tenants. picks organic few our XG U.S., driving expect critical significant driven new organic than billings to projecting and tenant lower have organic last up. years. are XG factors our continues few the as growth There seen activity growth
First, as we expected, down primarily levels. trading pipeline to XXXX, and as to commencements I in of alluded and new earlier, Sprint's QX our and activity business attributable T-Mobile
Also and significantly similarly is first trend that U.S. growth impacting lower organic the be the is growth our in XXXX levels growth to our of Given of last part expected is billings year. larger, rates. on year, tenant drag than this overall base slower creating that business rate expected activity the fact rate now
churn still And is XXXX points X.X%, to within well or higher range. X% than be although around X% in basis XXXX, finally, in XX to expected our historical
the For monthly lower U.S. XXXX. than 'XX the be a in business new year, organic commenced expected bit to total in is
more loaded XXXX the in mentioned, As in the is timing business new expected I back-end to year. of the be
back in forecasted ramp spectrum will the With levels and 'XX XG. growth, associated to business tower and in said, anticipated into new year demand and 'XX the constructive with trends of remain half this U.S., all we space the anticipate up the deployments incredibly for that opportunities long-term the demand given and activity on higher
XXXX. incurring iDEN region, networks trend. the organic as consistent last X.X% decommissioning growth positive on our broadly churn for improving year accelerates. we mobile After XG around around data expect on partially XXXX, elevated solid usage LatAm decline saw Demand focused in we billings with we Brazil Latin increasingly offsetting expect to Moving with X% carriers that some in what this trends in churn and are year, tenant of the expanding to in America, to
expectations business new lower for year gross to the initial compared slightly XXXX. as is Our
given lower be are nearly Escalators inflation to expected down X%, rates. also
to the longer carrier continue. as believe we'll term, investments American Latin opportunities grow we our have Over business excellent
In to expect that consequently between the in new continue regard, in take XXX region program we to in strength see in densification to initiatives grow XXXX. hold LatAm tenant expect to build XXXX. our Overall, sites XX% and by as billings we and build XXX close network
significantly to as XXXX. up around be expanded to XX%, organic contributions in primarily gross XXXX. portfolio, This substantially will billings business to growth up our being is compared to expected XXXX Switching from is by that growth expectation Africa. tenant driven our be new regional X% given
slightly projected is to In at higher around X% remain addition, escalators expected while to around are steady be at churn X.X%.
expect in in compared new given would build record continued around XXXX. we us of X,XXX to sites for the Africa. This XXXX side, On to construct strong region builds new up level as in in represent demand, a XXX the to
between Carrier X%, Europe, slightly down we some primarily churn to in billings X% of tenant expect on Meanwhile, due of to organic growth XXXX levels Consolidation higher in based Germany. from
deal with term, the and Over signed we over we years, particularly levels where in is activity as acquire initiatives coverage up to allocated. of X,XXX necessary accelerate anticipate next sites and would spectrum the a few to XG higher XG corresponding longer recently Orange the France,
XXXX decline as of we impacts to in the are growth XXXX. for around zero expect This India, of organic XX% given to the versus in billings be essentially year that roughly Consolidation largely in over. XX% in churn the XX% a process assumptions compared Finally, XXXX tenant includes Carrier
churn we we be year anticipate levels still in would higher India in said, With historical expect bit years. a than future to quite what that this and
tranche of provisions potential as acquisition As Vodafone a the for and and Idea our we've the with churn ICC impacts legacy result, contractual associated sites. impacts of made mentioned AGR the recent a of XXXX the earlier, I last decision, few
challenges again, to AGR carriers decision. about would the due the and, markets, supreme activity strong court of highest international our quite be fact, business of X% certain in historical all some be levels, new given at the funding Gross to although likely not facing is at of expected quite
their mobile to more we as continue to to to usage deploy And capital expand. is significant expectation. network is breached, may networks, a possible extent data resolution grows penetration operators and India into our term, of continues the G to Longer favorable the levels issue outperform mobile X AGR current that it expect we again
$XX on in across recurring newly Overall, $XXX sites tower than outlook which monthly balance from basis, more with new consolidated business our assets, activity. million million a collocation/amendment our traditional the from index assumes constructed be commencing of coming between more organic will
So, growth our industry while in regions certain engine. may ability and growth organic events billings under be our build-to-suit to tenant supplement through pressure timing that due have broader primarily the to global we issues, growth
to on activity EBITDA the grow MLA includes Moving This and to full flow of year impacts AT&T. M&A of Slide million X.X%. of build-to-suit or agreement our by At XX. the midpoint as expect of growth, margin continued $XXX a we well organic with outlook, accretive through as our high transactions, adjusted new
we're efficiencies, including where target take and additional to can more where our and in renewable equipment to invest power business solutions. fuel, expect we We continuing efficient energy areas in
fact, XXXX, In we reduced and expect of fuel by in tenants XX save upwards of emissions million leading liters to costs. our utilized to
as down include around adjusted finally, Our XXXX. for expected million to able over that translation We being be negative our of metric around expectations anticipate cash EBITDA revenue SG&A expense to $XX And X% time. of reduce over effects. an impact further estimated in X.X%, unfavorable is FX from percentage a
XX. Slide to Turning
adjusted consolidated and strong our as EBITDA AFFO convert to growth the well. growth expect We
of previously Uganda $XX MTN interest ventures, Ghana consolidated million impact cash or account X.X% joint into expense expected X.X% purchasing disclosed stake one-time in grow share is and AFFO taking by to the Before per our basis.
consolidated $XXX million a we nearly expense outlook, cash midpoint roughly our or that the at Including interest related one-time of by to payment, AFFO grow of expect total MTN X.X%.
compared contribution a XXXX, As $XXX of this FX-neutral cash includes adjusted to million EBITDA. of
would Tower roughly XX% increase to attributable American one-time for This million X% growth share buyout. by AFFO from is items. over On over be to other in stockholders projecting this we impact to unfavorable taxes triggered are and translation per MTN growth without per a $XX or X% drag so share and of basis, expense cash million cash FX common over million the consolidated in $XX per AFFO the rate into by year expect $XX million $XX higher interest share grow the mid-point. be Offsetting
nearly remain Slide strategy. committed while our $XXX XX% million that sites capex Looking throughout $X.X nature. fund discretionary than being global allocation our billion billion was of X,XXX a We on at over deployed that the of Around American discretionary XX. more dividend, In with record stock $X XXXX, to in spending Tower. diverse for spend spending growing of capital footprint, construction consistent for we over new to return-based common our
India Finally, our around targets and we simultaneously assets, in and staying the the in of spent another while the strengthening the leverage billion sheet. set well new Total, earlier to within balance on throughout deployed debt first $X.X acquire billion, $X puts of assumption million including year. $XXX year the we more than
of deploy to capital at our XXXX, balanced consistent a manner the capital over including expect expenditures $X.X outlook We for the with being XX% midpoint billion again in discretionary. in spend of just allocating roughly
in business further our our as well on of America. fiber additions including net Approximately and investing international spent to in batteries million lithium-ion of innovation initiatives, related selective solar planned infrastructure $XXX certain be as is markets, expansion capex largely of in Latin
to we subject more again, expect dividend stock discretion. grow so to than XX% our $X or Once billion, common Board to by
spend year year-end stakes $XXX to we've In million to the of first expect in at allocated also addition, put in roughly minority in Uganda pay and roughly exchange in buy MTN's ventures half for joint Tata India. rates $XXX to Ghana XXXX the and our million final the
approval. remains put but India a and we and Uganda. Tata both the XXXX, operations, process these transactions, that own is expectation be will in our latest in Our the completed half the of XX% forma Ghana of XXX% roughly Pro to for first will subject regulatory
the will Tower is of mean to between AFFO common shrink. will this that interest, and absence stockholders What American going impacting our any in minority attributable additional gap transactions AFFO consolidated forward the our
to capital asset this slide, discipline see our in opportunities and deploy growth AFFO the mid-teens can share you to drive over world attractive last consolidated has decade. comprehensive As us helped per investment base, on around the compelling ability
than invested more over since been return adding despite of XXXX. portfolio on our capital able Further, to we've increase that XXX,XXX to year-end XXXX, our period sites to also XX.X% as time
to the growth AFFO stockholder and creation across is continue share our critical consolidated of sustainable ROIC of to We value. the combination long-term believe per
few Turning I had XX. alluded to I want as record program, year build-to-suit XXXX. which a to spend Slide a our international in in to earlier, minutes
even sites higher to raise the of level activity the back an new as XXXX. international we've expected in in in outlook for of to X,XXX can our building X,XXX around We continues our our build from bar midpoint an to be the markets. sites to expect sites Most see, XXXX ramped of And focused program you XXXX. in
this engine growth. to have driven support We purpose-built inorganic significant tenant global
also the increasing historically. Importantly, we've generated as our been that not one new time the building we international more yield NOI has on we only we're over sites, economics X around additional With tenant, builds generate years initial are day collocations. but average XX%, maintaining attractive further over one last
to sites historical built To in to average XXXX, XXXX. roughly colocation success, built added a sites in give and our you X.X we've sites to sense on around in X.X XXXX, of X.X built tenant
and the XXXX growth expect this our we deploy outlook at development almost spend of capex. continue $XXX towards significant Given initiatives on build our new capital to million profile, to midpoint
meaningfully the the total to million with over are a in chart sites added. overall monthly our page, years, X additions of contributing see run last the book of newly constructed can $X on you rate side right of nearly as Finally,
We or $X expect our XXXX as new another build equity in so accelerates. million
global we trends to M&A, meaningfully secular summary, in year growth solid mobile growth, underlying on a and as new-build and ensure in business. consistent in for driving continued act a American our And margins are throughout positioned basis, accelerating continue dedicating catalyst growth accretive strides another take those with efficiencies XXXX revenues and are activity, the XX. increasing strong The flows, to operational to we optimally cash of trends. Slide for advantage resources Tower sustainable by to Turning organic was that
across expansion by consistent common our to revenue another year dividend new with expect portfolio, to M&A. complemented Looking year generation stock capacity in builds and and fund a new accretive business growth by our we growth continuing XXXX, record of cash margin a flow solid fueled our opportunistic and of
tenants U.S., In drive benefit to deployment with the our positioned and for potentially business. strong smartphone throughout markets, our we forward demand new to continuing industry solid with to underlying are In revised a penetration in accelerate existing, tower's data usage wireless XG to well increasing working trends from the of international country. the look mobile are structure our
are committed our Stand right and strategy to on attractive, slightly are returns longer stockholders path total the that are our to and for confident Looking long-term deliver we to to sustainable, come. we term, fully Deliver years
With that, operator, to I'll turn the can the so questions. call take some we over
