AMT - Earnings call transcript Q1 2020 | American Tower Corporation

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the American Tower Corporation First Quarter 2020 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference is being recorded. I would now like to turn the conference over to your host, Igor Khislavsky, Vice President of Investor Relations. Please go ahead, sir.

Igor Khislavsky

you Call. American thank XXXX First and Conference Earnings morning, for Tower's joining Quarter Good

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

the due COVID-XX, that call morning all I'll remotely in the to are on rest dialing of us from Before comments, this note my of different locations.

ask there are on we would difficulties any the us. with technical extent that minor the bear to So you call,

morning this will follows. be for agenda as Our

for results financial first our quarter. summarize quickly I'll the First,

Next, Tom and President CEO, will on our provide commentary Bartlett, our some U.S. brief business.

Vice Next, forward-looking these Rod uncertainties. And Smith, CFO of comments, statements your questions. we will contain share you will our results number risks Taiclet, and XXXX Jim Executive discuss XXXX our will this outlook. take and a Chairman, updated call remind will President, QX that I'll few After Treasurer, remarks. that a Executive our involve finally, and closing

including our the Examples outlook, are impacts include: regarding in that the of our and these of expectation facts. other capital historical impacts statements future COVID-XX, expectations any AGR regarding expectations statements our operating our India, decision the allocation not matters regarding XXXX future performance, of growth, and regarding

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

of quarter. Slide to turn four the first highlights our results financial which for please presentation, Now our

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

Our AFFO X% EBITDA And per grew our consolidated $X.XX, by adjusted $X.X $XXX roughly respectively. to to and AFFO billion. consolidated increased and million by XX.X% share

These associated joint onetime this of Uganda with more a by and in consolidated in our quarter. during consolidated would of Ghana interest per AFFO share $XX purchase million approximately the by MTN's and onetime item, XX%. AFFO metrics charge minority each were ventures of have grown stakes impacted our than cash consolidated AFFO Absent

income common million attributable $XXX net diluted common increased American per or roughly Finally, to Corporation X.X% share. Tower stockholders $X.XX by to

turn call to I'll that, with the over And Tom.

Tom Bartlett

earnings and hope positioned you is Typically, Thanks, Igor, are the in given historical well. discuss that and and there its business, the we safe in our typical exclusively the in staying are our we first on would impact to morning, everyone. talk which nothing navigating it I all world But how good is about how quarter call, including U.S. like first I'd today, market. global pandemic, COVID-XX the live in we economy.

in need office need our provided working families, and and few from a or We're supporting solutions alternative be our and Our support environment established office the Most where established of business the and have facilitate are members bolstered team surrounding we be remote in be out to number of work their our communities. tenants, home. and work IT priority continues and tenants. from instances equipment those employees, our suppliers for to essential processes supplies one and accomplished to safety globally have our more to needed practicing centers. distancing sites our our added the To employees social this, at operational overcome to in health to considered our certain

resources of and emphasize relative this I adhere and immersed levels necessary critical reopening meet offices to we The just to uncertainty, commence across supplies. safety to end, will in long that note our also to process the criteria crisis I procedures be this government to will the an while work core until of and needs effects guidelines will not business reasonable for based readiness tenants. based impacts on To continuing on been direct of the on and and access will to circumstances. eventual modest. be last, have have activity the needs in and the point, globe. want complete all of return to outside guidelines in how to focused want on situational I'm and practical local this certain overall we also process that translational our directives supplemented remain FX our virus by We're that These our establishing the

the monitoring impacts, has model continually and resiliency demonstrated business its we're globally While COVID-XX our stability.

ever, ensure keep more than is incredibly our to customers critical tenants our Now connected. able infrastructure to their are

many discretionary work to some our result, designations received we in served markets, States, enable that locations, and other tower-related to tower particularly of few a uninterrupted. largely builds have with work. As continue, United new a In official priority restrictions, we including experienced and limitations the have respect

certain is In new construction fact, in locations, currently prohibited.

these our to have deepen While and All our capital delays all, allocation projects business will focus been markets. some will modest, far do we in expect that our prioritize and activity be and certain served new and throughout be temporary. but to do pipeline actions, slight areas, operational so these in delays secure connectivity initiatives colocation in continue believe build impacts extend,

me This to around help connectivity time deliver original meaningful then morning, and the here in with you on cover We of the focused this proud like States. at are people to the United this world brings I that's its and are business important our an wanted of to billions to topic maintaining continuity.

property the the XXXX, midpoint The of continue will about significant our and operation of and amendments assets expected U.S. continue come. data that consolidated Mobile U.S. foreseeable property business XX% foundation year our is to usage is at around for U.S. years levels business growth operating has XX% least colocations many In future. at outlook, over revenues our And consolidated of consolidated the for be represent expect we our of of of growth on last our decade. our and the to X/X to profit. driven to per

to average is nine XXXX, estimates, U.S. user some per XXX% according from up around month the fact, in five In ago. industry gigabytes smartphone which consumed just years

believe growth To by projected same networks, gigabytes of consume our month. to Incredibly, that user create mobile XXXX, strain per will that amounts for is continue invest on this will our over to we the tenants infrastructure. XX significant that account into capital usage

spending five averaged has last the per $XX of years, upwards billion this Over year.

has recent as XG. to XG technology expect the completion steady, of Sprint, next the few T-Mobile dating generation to focused. to our past significant we network back each in investments expected portion the remain given new A years, merger. if been years deployed, In over fact, is it's over the increased And be would future tenants' rise, number of XX not that particularly years

thoughts our I'll And our to a minutes that take profile some characteristics time key moment. business return few and U.S. mean and spend a around the cover But our XG for business. laying in high-level to might first, of out latest what I'd like

complemented XX-plus lease locations, arrangements significant ongoing of XX,XXX with attractive for sites, build over We've new focused years for modest Our land by transactions, consistently program. maintenance nearly has of capacity lease-up, our last U.S. premier M&A and comprised through the internal created on requirements a number CapEx. portfolio, been sites

Tower. deliver single purposely or value the the the attractive driver American to these compelling designed we biggest contracts accompany in both for Perhaps of been over long-term lease agreements to tenant assets have that value has tenant lease secure which the and master them, economics

for franchise real a mission-critical requirement growing to has our contract implement supported of recurring, cash base areas to generate these locations exclusive Our ability in estate flow. structures consistent,

this been tenant translated XG that the on owned deployment X, organic see across X% The long-term. country. estate resulted assets growth this Tower, in more growth churn attractive as other across escalators we've our tower on of that over the the American We've and and for contractual has organic over key trends, five U.S. the drivers focus NOI capitalized tenant combination billings can strong yields you attractive and past particularly franchise averaging amendment on assets annual of than for consistently the strong Slide networks in portfolio, and of growth, into densification colocation billings sustained years. low As real we've have

and For generating we're example, of XX% portfolio we XXXX sites owned yields of on from added yields to the to prior XX% XXXX. on sites to XXXX

including the first expected sites On few those averaged the XXXX, as our We rollouts given assets NOI added this upside after deployed, particularly is believe years. around of next additional of in transactions, end Verizon acceleration over equipment significant as XG there and is the X% of yields vintage quarter. the from of GTP

of first base leadership tower more of committed job billion a than revenue U.S., U.S. assets locked the contractually done quarter. our team in having $XX end the has in managing of the in terrific as Our

the business, by this XX% have last of cash including just revenue as completed at several years, QX, operating the in coming nearly continued accompanied expand SG&A percentage in profit segment the with Margins margin property to a of of X.X%. all over in M&A

nearly in ROIC last asset non-MLA now Additionally, This U.S. we segment U.S., the [ph] tenants. generated vertical related the development, still of to our doubled more segment, business in our than of have nontraditional X,XXX stages has [new] We the base. our including a around early XX in quarter. focusing continued although tenants business relatively on years, while XX% over have U.S. rise

several years, for more team and a on times, next perspective, to fleet reducing an innovative tenants and secure to unfolding for several From past the From macro efficiencies year, operational see trends few on our implementing contract our in site-specific our accurate structures, of new reduce been the need sites we over over providing automating focused industry implementing U.S. has process ourselves data a and tasks perspective, the the cycle both drones evaluations. U.S.

believe to edge. the we is closer going cloud First, to come the

like be devices spectrum upon of capacity and like Second, will as cake, depending bands, which deployed coverage a experiences. X-layer expected could network faster than of the to look labeled, number up areas of requirements, multitude will we using different somewhat allow third, specific grow a to a XG applications different customer imagine. is opening And variety possibly the the for end-user and

continued tenants NOI of to and we will, network at lower expect, by a bit. cost customers to to data and XG XG invested our deployments value new our enable wirelessly on yields increase proposition, in able much returns continue be activity on per transmit overall The addition, capital. driven infrastructure, our increase In this should resulting our

to expect While for doorstep. on years we our our on XG-related have believe also we are sites come, XG deployments ubiquitous infrastructure to

areas own is will and been rural What in and continue millimeter each initially in will in major coupled high-band that, the the their wave have customers' unique to and their corridors. be band, bands XG to ways. low of suburbs from like deployed spanning megahertz, have support to spectrum around needs interesting range spectrum mid-band ultimately fact, carriers cities be is in Multiple XXX with deployed, highway

that the be we a to spectrum throughout component critical majority Importantly, of will on that gigahertz our continue the will XG believe and macro of be towers, country spectrum the mid-band sub-X deployments networks. tenants'

to its foreseeable X.X-gig spectrum in second We mid-band new continue as year to out accelerate the beginning for of the the deployments of T-Mobile expect builds future. half this more

will to As U.S. years. of end over believe incrementally spending networks number the result, the to our to a towers business continue excel. on years, that of tremendous given XG the from we a XX migration should line, our to I complex more Bottom user equipment also take we amount up as mentioned, five base that across continue, expect of to XG XG the next on a allowing

get cloud We're next a edge. mentioned, to to the As over result, trend might and I opportunities for years, the going themselves major that interesting already with and the continue providers there also to the position What several how closer will be from and as cloud the will service interact is believe the seeing be evaluate we carriers. hyperscalers, the that this is us. hyperscale

companies with may evolving several into existing the result, metro and on our providers, equipment Atlanta infrastructure this edge environment. different edge a our and to plug see rapidly including the of ownership partnerships Using suppliers trials service set variety initial to data at edge the tower deployments continue we of facility hyperscalers, a how our explore cloud center center just ecosystem of of data new in carriers, So front, to our players, continue and we trial data interconnect through assets facilities sites. learn about as

latency be we there high close wireless as for will compute through and continue end respect believe that distributed to and a functionality to edge, moves consumers. IoT applications, to At a wireline particularly network information to processing storage advanced level, in need generation greater lower progressively with proximity both the and

a customer compute and networks, products and role where having and cloud latency must consumer be immersive for seeing potential us is assets a lower interest forward. to is edge away, likely going closer may we several are that play of any of truly believe interactive we services the scaled data Edge parties can delivery, a for while eventually serve with years media to autonomous also opportunity needs a solution are of indications are where number initial the vehicle edge other gaming numerous and positive our likely conversations offerings in number significant and/or And mobile machine, scale. in the the to

are we example now named One Edge through with program, a partner. where Azure such Microsoft is their Zones

other accelerate model. to hopeful development develop the of partnerships time that will the edge on, As data we us goes help are

to On XG, host make leverage traditional These array and networks. to solutions to XG we Wi-Fi, can a ways carrier-grade the in CBRS indoor create connectivity venues DAS. targeted than continue much spectrum explore broader of converged sense side, neutral

other have the of throughout CBRS-based years alliance part the CBRS the many words, several and market. drastically deployments country. in total So We've been addressable increasing for

continues demand are other American and to to better, satisfying and As locations, connectivity space more similar faster play for that in we A class in buildings, positioning network a apartment secure office role meaningful demand. hopefully accelerate Tower

for positive wireless again, access, of neutral in locations. we are of but demand networks potentially at likely types seeing scaling already from systems years few least and solutions fixed indications a other private CBRS-based are Here, these host away

consistent, we As at have our that multi-tenant potential scalable, want that looking those opportunities, I innovation we us rival are and that estate existing opportunities exclusive, criteria tower and of returns look for growth these infrastructure same: for deliver real recurring the U.S.-based franchise remains other to underscore to investment the philosophy our model. with sustainable, digital

business, assets extremely continues economic initiatives demand performed about convert to American turmoil. stockholders Further, driving accelerate, we trends high-performing our through deliver market our stand our business into returns the positioned with The that U.S. the we we existing has total well long-term. over of and we a optimally confident capital innovation Taking that Tower our on the estate attractive together current believe are space secular cycles, for these and future. through again are for and real variety will are energized demand to franchise and

updated With the results that, turn the year to I over outlook. Rod go to call through our for quarter full and Rod? our

Rod Smith

to you everyone and morning Tom, joining. Thank Thanks, on the for good call.

Before safe and I into My take and of thoughts wishes affecting that I through a like difficult the quarter all are is to also go COVID-XX first this of acknowledge out the each employees, us. all morning. pandemic our best dive moment this our vendors to time. I'd and to tenants, healthy you results, call you hope on and

results. to turn quarter first now Let's our

we release, mobile quarter, to continued as XXXX globe. grow consumption data across press in with saw today's you the began solid As a

of particularly traffic critical of increased internationally, the and data markets, of has To I'd many quarter real of achievements. of communications our to the importance first result our highlighting a a our portfolio as of in global fact, nature COVID-XX, estate. services wireless mobile start, In few like note everywhere

at Africa over XXX X.X% We margin rates led tenant X.X%. expectations in prior for property Specifically, our We our met our tenant growth U.S. by at X.X%, XX%. billings the expanded than EBITDA globe, basis the across the and by at America year. points revenue organic billings adjusted by more we Latin grew

earlier We've of of sites built at balance And sites. our XX% integrating pro end Africa the strengthened our dividend common progress in for X,XXX term Latin more billion month. stock approximately now We than substantial new $X.X new and from acquired grew our sheet we made XXXX have X,XXX we the again. and America. by We forma liquidity this loan

first reviewing the spend full minutes outlook, operational year for Before our of few results first financial quarter. our we the details let's and discuss a

turn billings we and tenant will revenue growth. our Please property organic Slide X, review to and

our you across our an expectations solid for basis, our and underlying For can internal demand our revenue. globe Due growth markets. to FX-neutral remains on throughout met strong assets the the that for see quarter, we

Igor year. or $X,XXX,XXX,XXX, of by million As revenue property unfavorable of our consolidated headwind approximately This translations. FX grew included earlier, roughly mentioned last of XX.X% QX quarter $XXX first over a from million $XX

while XX%. for U.S. accounted represented consolidated the corresponding our the our international growth, segment and revenue Our XX% remaining of segments both property

As case, are amendments, always level impact in to the tenant and million $XX quarters. a recurring that components billings consolidated property been including those the colocations prior of revenue, our critical has around items similar our revenue

reliable incremental offset or includes and from our These added revenue which M&A $XX tenant non-renewals and million returns-based new positive and churn, $XX million were by $XX and capital billings disciplined reduced investments, items the escalators, one consistent day for quarter. our billings contributed contractual tenant million, Our builds. by our partially which lease which resulting

property major our million the for and $X.X segment over period. Looking business at the U.S. totaled quarter nearly revenue year our prior segments; by or XX.X% $XXX grew billion

Our international or last $XXX grew levels. $XX over of year's revenue property by million XX.X% million

was in the saw demand we continually with expected, This to driven in by mobile keep need carrier order demand invest our networks in data major tenants carriers' the the to their around solid consumption. exploding As growth from pace globe.

organic at Moving growth see X.X% to billings will that met in right the expectations, tenant for of also quarter. the our you our side the consolidated coming slide,

which items, activity, X.X%, of totaled from totaled a I escalators, tenant churn segment, roughly and property items comprised business impact offset X.X% For was the X.X%; our mentioned pricing negative partially which other billings above. X%; and growth organic X.X%; U.S. of which new

Sprint, levels. activity business the prior driven growth this new merger had reflects on from by of the deceleration quarters, partially impact expected, pending rate T-Mobile As a

merger Now closed, T-Mobile a complex for significant deploying more XG new future. that it to networks, invest diverse ready the begins than subscribers, work earnest integrating of all capital as the preparing and stand to the while has two to and servicing holdings support we XXX perform million spectrum

X.X%, with anticipated Regarding came which totaled growth growth was activity, of which and given contributed expectations, our just by billings while decline international conditions. attributable escalators, component tenant basis was offsetting tenant America The which previously organic X% billings anticipated inflation-based at line X.X%. other items, market about X.X%; totaled than of totaled to business was around in at led which around international X%, new in parts XX segment, Latin India our X%, and largely Europe of pricing Africa and our X.X%, local with churn mostly a X%; organic increases our these India. partially were in points cancellations churn more

Turning slide nine. to

our first $X.X see can or XX.X% nearly period. of adjusted prior million grew You billion EBITDA the $XXX over by quarter year consolidated

and As on QX the for XX.X% growth, our our was driving a last costs managing margin result up our assets which adding year. of quarter, throughout focus of continued new XXX business, adjusted compared to points basis organic EBITDA was

note India have in also reserves. it's BSNL. for collect will that in increasing these debt by we impacts include to due government-owned of incremental receivable accounts from them receivables the bad We bad the future, in around payments for but think debt million likely certain now, provided recorded will we tenants, our these I including $XX of results some slow

for or impacted our $XX FX growth X.X% adjusted year. million compared of as addition, QX by negatively was EBITDA last In to fluctuations approximately

million grew international $XXX or of profit grew by million $XXX of million year's profit or last XX% our operating period, level. by million nearly while segment U.S. year-ago operating over $XXX property over the $XX property XX% Our segment

for our while operating respectively. of XX% XX% As segment XX% accounted quarter property the XX%, growth, remaining the represented our profit the U.S. in international and corresponding a result, segment of and

the you million to $XX can AFFO side over year-ago of our or Moving of the X.X% million consolidated the right slide, $XXX see by grew period.

joint grew Our AFFO interest expense consider include our It X.X% AFFO charge, per result Uganda. consolidated our that cash to a $XX over as in consolidated consolidated in million of the impact have last of by of and onetime important results year's charge AFFO XX.X%, and this of non-recurring $X.XX respectively. been a the MTN's or share would is stake Ghana per totaling purchase AFFO share each ventures and levels. of XX.X% our Absent growth $X.XX

a AFFO later expect modest As expected to years minority stake attributable result stake a consolidated Tata year. gap these for and India and in common between of be reminder, now remaining we our business, a purchases is purchase in to of stockholders AFFO which future our the as this anticipated

Moving issues I a now full that Slide of business to require take let's few outlook. a address our for as look our the expectations we careful will consideration updated start, at XXXX. To XX, updated year

is foremost and pandemic. the First COVID-XX

modest to impact year Although not we its date, impacts. constant known, on the is experienced yet currency a world full basis, on have only

across of international many line markets, which over fixed in are tenants for or in seeing data demand may little fact, networks, have our infrastructure, increases actually mobile sites markets our their In time. our no consumption that increase

reliance of earlier, many of highlights and material that has turmoil world's portfolio financial caused and relative global said, global U.S. growing the wireless our the to dollar. moves this stated COVID-XX estate. With rates in critical As real foreign evidences the on communications exchange services nature

these general shortly. advisers with outlook. context I so. But in of the our routinely engage note updated year of impact will and help we the FX often external of hedging those in FX course, review that a our volatility, on impact detail policies I'll the the having negative doing moves discuss Of specialized are current full

locally operating and for flow activity of economic worth actively new portfolio our local Instead, M&A purchase markets, in through builds our concluded as are not prices generated potential cash hedged we debt. and issuances the select ongoing rely hedging we of international natural hedges certain of on such the have we the our 'XX effect real reinvestment currency historically, cost. FX past, that translational transactions the of Although have benefit exposure

changes do denominated in in to leases continue but always, hedging, In addition, stage, options. tenant evaluate At significant as our or we of markets are any to most we inflation-based our in have U.S. anticipate our this international escalators not annual approach local dollars.

recently completed merger U.S., in Next, T-Mobile its with Sprint. the

an from As second a to of result, year. continue new we begin the T-Mobile to anticipate of spending the half acceleration the in

In XXXX, well beyond as positioned and from wireless benefit believe the XG We XG future addition, increase network believe sustained capital to a result network. supported this industry its quality. to shift deployments in as industry focus deployments may are carriers ramp we in spending we continue on Dish

Finally, Supreme in recently the interest penalties assessments the reaffirmed with gross fees, of ruling the India, on adjusted definition revenues. Court and the previous associated

Although of liability of has the the the pacing current total of on part particularly duration the been COVID-XX reaffirmed, we don't the carriers, yet and in payments the required know the context situation.

the these considerations conditions updated is business, basis based global our revenue resilience unchanged. our a outlook into of market Taking and and on property proven our account constant assessment of total on currency

expected rate year as currency exchange $XXX foreign million. property to for our reported outlook to negatively revenues fluctuations are by compared However, impact prior the full approximately

our geographic billings most of For across our are we segments. reiterating tenant outlook organic growth,

down revenues XX% tenant expect around tenant Africa Africa, being rather growth However, by our our of This reclassification driven initial from we a business. organic certain is year, in billings of underlying the fundamentals of for for than out now of shift in billings X% the a outlook.

a percent of FX see outside X%. will our expectations will approximately the affirming you adjusted right XX, total outlook of SG&A revenue as around $XXX impact the that that cash, Slide an of for includes This we our be at of EBITDA million. also are Looking at underlying translational expectation midpoint

on reiterating FX-neutral our for year consolidated for are the an basis. AFFO expectations we Lastly,

expense We taxes, converting growth carefully consolidated majority and continue cash of growth. our our to the manage while into vast EBITDA interest AFFO adjusted cash cash

As projections AFFO or our a impacts, share million result, translation AFFO unfavorable $X.XX and per unchanged. share and outside FX of consolidated roughly per are $XXX

surprised are well develop. we as will pandemic, how we has by not business to the full COVID-XX crisis monitor of the impacts this events during our performed Although closely continue

receivable also extent even prolonged, or builds measures, the regarding timing new we that local eventually new commencements, market accounts that orders like would could note issues are I to experience business collections. some shelter-in-place

view. to allocation now XX, year, our Slide like broadly capital our briefly the which I'd for consistent prior Flipping to discuss with remain plans

an growth the billion, Our full Board, again. rate right dividend in be of year resulting dividend stock approval $X approximately once to declaration, to XX% our expected subject common is of annual around

also We our $X.X being discretionary. with that towards CapEx of to deploy expect program, XX% investment billion

X,XXX each our MTN's minority approximately our another and $XXX builds deployed of purchase $XXX pending first buy Tata's rates a at XX, stakes to result we the for and XXXX, of includes now million of in and in reduction India. $XX million exchange a ventures $X the a million quarter, in In due have FX prior a from As construction outlook. expect $XX we million redevelopment of earmarked in our our spending, CapEx of CapEx of new capital lower CapEx, Ghana in lower COVID-XX million remaining joint in and million Uganda to in part associated reduction maintenance impacts, March $XX interest This in delay India development business.

repurchases. roughly M&A million deployed to year we $XX have have this so addition, other about XX In $XX far on million through share spent April and

to plans from balance operations hand, sheet and deployment revolver capital modest XXXX of Given our our cash cash levels borrowings. entirety expect strong fund we current of with on liquidity, and the

explore reduce We and our extend additional cost expect overall opportunities to our debt to also maturities ladder of and borrowings.

result, we our continuing return simultaneously As anticipate long a our AFFO consolidated of capital. invested growth, while record on generating share per track strong growing

will briefly we of XX, the in I our and our now our sector. which position, balance current unmatched is to believe summarize liquidity sheet Slide strength Turning investment-grade

our one billion than an first pro additional in increasing the forma term liquidity and of more than end Subsequent billion $X.X we had available $X.X cash the revolving credit billion, more year quarter, of we to $X As the loan facilities. quarter, $X.X completed nearly to under our of on the basis a billion. of end

net with at quarter consistent times, leverage of the in with our was and the our end historical targeted X.X range levels. Our line

around debt Our was cost weighted over our X.X%, weighted debt tenor average was of years. and average five

remaining Regarding just us the debt in redemption notes, of our maturities million, this of quarter, the maturities for the X.X% subsequent $XXX we end to $XXX with unsecured our leaving year. the XXXX, announced million

been business, of financial last As we policies in of stability over and market decade and are resilience enhanced current turmoil. overall have prudent the financial the our position a that the and strong result believe amid extremely an our implemented we

We continue on investing expect M&A with this to and enable growth, us to a opportunities including to opportunistic to basis. respect global be

please XX, a would brief I will you with turn conclude slide my summary. to If comments

to our our further the of growth, and pandemic, XX%. expanded global investment-grade deployment plan, we through positioning end had billings dividend started portfolio organic integrating to $X.X solid increased strengthened comfortably to XXXX portfolios acquired opportunistic We our tenant our capital start balance our current good fund Despite XXXX at ROIC, while expanding and we achieved sheet, the as quarterly liquidity the a by power again, and margins M&A. once ourselves global our billion increasing XXXX

outside at translational services highlighting of impacts of finally, the FX of mobile dramatic data And critical to unchanged, largely everywhere a wireless our pandemic, as outlook the remains COVID-XX the across grow the consumption continues nature globe. pace

over that, the With me let to Jim. turn call

Jim Taiclet

path wish on call today, To good and COVID-XX and the I each pandemic. you yours a Rod, safe morning, to you healthy the Thanks, of everyone. and

our is priority As workforce. global American safety the in Tom stated earlier, Tower health of our top and

essential management to dedicated keeping and and global the Our committed they and are everything The in team their functional can this company fully operational our senior infrastructure throughout ATC work. teams to critical executive employees in communities. support managers are telecommunications throughout doing

and to throughout through and PPE programs support in and American in includes state fund government the recovery to need, our contributing India's through working local to with and also CSR everything Boston, Massachusetts of financially many funds Tower is company and health citizens the COVID-XX the donating communities to funding more. Foundation. helping U.S., from those Our for with workers This philanthropy

In U.S.-India CEO Secretary have work COVID-XX agreed near-term effort to the immediately two which Ross world's democracies. entire recovery co-chair, relief the and addition, toward of and in pivot Commerce I largest Forum, the we efforts

We GOI in and are the this counterpart our fully companies engaged with Indian effort.

and regarding been transition. management COVID-XX while closely I Chairman, Executive to our ATC's seamless Tom with ensure also As very smooth working response, offering have guidance a

performance and demand and for the vibrancy and infrastructure for am ability our strong and business will strong confident strategy continuing come. As ongoing Stand I successful and respects: executive to for in underpin growth into capable to prosperous investors our ATC XX-year mobile my tenure American tremendously to of lead its many I returns nearly the Tower, Tom's completing to three our years that highly a move toward deliver team ability key future, the and Deliver drivers at

to I heights Lastly, trajectory will confidence the in of your the lead it. Deliver thank analysts, privileged Stand I strategy, even to years Tom of would like along I the lead that the team our our many expect to are have our been and many fully call that on company, during in and for this greater investors today, future. now whom

Q&A. now And turn for it I'll to before some closing Tom to back go we thoughts over

Tom Bartlett

Hey, thanks, Jim.

That, in with forever judgment first a billion in testament way that, go Q&A, but like today. my his for are Board leadership, to and to three his for the from period, culture and built on over to friendship where compass Over and these will incredible Jim be revenue to I'd and it's he guided Taiclet, we XX last has has legacy from move grown amazing we just in in of leadership, mind, Before generating $X years. and here. my us recognize that our his about itself, this Chairman, we operating our XX markets, sites where is business

behalf thank we employees, like say of on and So your to all you. investors Jim, I'd

let's Operator, Okay. lines for now, open some Q&A. please, the

Operator

of question please [Operator first Instructions] Our comes from Goldman go Brett today with Feldman Sachs. line the ahead.

Brett Feldman

you well and And that transition seamless, of Rod, built the you this earned. you and volumes Tom and organization sad the and I and quality leave behind. feel thank like to the do about natural think speaks congrats but you do legacy I see to obviously is that And it congrats, It's go, to Jim.

take, of And so you a XX talked your absorb. that thought international to and designing the the to I you range stresses ask that the take strategy, years operations you opportunity company's know, XX, design of international company I'm advantage going to willing ago, to were risks a of this question. When were you starting you Board which one about was range don't is, expanded last to

this And you points business you that made. the unfold, the to remind pandemic anticipate or parameters, are be scope of I while changes going us whether hoping to we didn't are those within certain assess exact can I'm can watch for adjustments whether stress we designed these was risk ourselves as so situation, this maybe you for need

Jim Taiclet

had comments. concentration Sure, as the time, risks a on think ahead. your and of that at went based market that single that off range single-product was But of which plan described country, And plan. large kind ambitions. we fundamental had I the diversification that Brett, start tower risk and on, thanks risk growth sort it mitigate of I'll high a over to to Tom for it XX-year very the anticipated in back it, company maybe we the U.S. really turn were to the we you speak we

grew been than to, that continents, risk customers, do, create So among around you countries, since try to so. otherwise grow we we portfolio XXXX over that's as a for could the diversified really we've mitigate what time currencies, or doing etcetera, time would faster would that markets, all And that and framework have.

I So I play and how context, can Rod could COVID-XX. let within Tom given out think that that this he perhaps thinks the describe

ask comment. Tom still I But let our to Brett. it's framework, think frankly, within me

Tom Bartlett

Brett, Thanks, Jim. for comments. well And the thanks, as

United said, what new it's not in I and have underwrites strategy kind as the international I think, set a as business Jim overall same supports model services. mean, the products States. and It's we is of of the

the actually growth. to the States take large, economies master able the it drive to so those terms allows of how that in being to able we we built that United look model at be to at take emerging And lease agreements and offshore us market into how infrastructure, we an in look

The underwrite I'll Jim spend diversified diversification. in but which about investments was other piece operationally, the it a these some portfolio. it's that We talked on thoughts very a minute, minute a

which useful a And for kind XX that, us way we in are the And as XX are think that to we of scattered the serves risk. underwrite also markets, of outside States. so United around able of to be

incumbents. is we're third large The

the companies Our customers world. are largest the telecommunications around

not And operationally, it's outside large we with AT&Ts Verizons with when United not out the small dealing a of of the consumers. and States. So These We're we're are players. dealing of so look cash very we risk-adjusted a we at them at and have a period underwrite with XX-year flow, time, cost over discounted them themselves, the a investments of we're looking long of capital. number

the utilizing So of the back cash debt, you reinvesting business. we are based, And they CPI lot a see. into normally for risks are escalators in that caring have local them that that would

if a that, five this to way, we're that perspective. all able the be a the balanced markets anywhere a years enjoy we're way, U.S. are do in And so think from successfully you from we as three to growth able very these going to diversified very seeing know, behind from to technology we're

So a kind all approach, the balanced approach, we again, sound that's think a being offshore. of to leverage to opportunity we able see

Jim Taiclet

like Yes. or still And add more flow Tom, cash the got X/X about one I'd to We more from just the of point. coming U.S.

just So it's as grown rapidly.

In fact, all basis on the period. for a international has flow XX-year cash as that

really that similar much up mitigation we risk with, so was which turbocharging diversification. ended and wasn't keeping a there based So on risk profile growth

Tom Bartlett

investments sites assets our to our the been highest assets, than year, we terms just this if globe, I these around new of build of are build last ability than And international build add When comments that. even more X,XXX markets. more and we've year. in in lot of build new to a Jim, couple those yielding assets able to expect a there could we

horizon So our kind the to possible. capital it's be most productive way a able expand of deploy us to significant way in and for

Operator

James. And ahead. from the question we go Ric of do have line Prentiss Raymond with please a

Ric Prentiss

XQ certainly Well, has since world -the changed changed months last guys. your call. the world certainly Morning, two has the in

chaos employees you time. Francisco. and were was From thing that world And say, Jim, that's merger closed, in Tom a this finally. very you closing too, echo comments Sprint to Dish-Boost guys is and my might First, in in I to almost T-Mobile as safe Rod so I'm congrats be glad remember to hear, Must and crazy road the as then add be years I changed stay I'll XX navigated show your hope your strongly. San non-deal And has obviously, ago and business standpoint, family, another soon. you well. starting. have

think through the complicated what's of master take how And Do holistic we working generically in we complicated we long MLAs? think networks? of timing Do kind How be lease these about think with to how long does process integrating approaches? speaking, of work of a them very those, agreements? to should of it going do

Tom Bartlett

and all, plans you have your I Yes. thinking deployment T-Mobile Rick, network some thank comments and for I think, thoughts. for your now. working think first been time of with about, - and Sprint their

this they network So number I bulk but down of to in now point, meaningful a up still to with expect deployments. that sit level the seen way as really through different their a with what some the increase deal we're pipeline, we've of now ramp is, to contractual would in to of awaiting talk closed, eventually them fact, the them. mean, come in able it's we about structures

as are master But agreements would up put we in the significant start agreement the to these that, expect more some would we so that volumes. we multiyear And of structurally said, lease master second of lease year in the half more place. that

us. sense assured there to for agreements, entertain makes our sense holistic think where us, advantaged a both makes tailor and of being get MLA very commitments, on very am would we And are going is to I we network could for we sure. Sprint. the of meet to T-Mobile traditional going And significant aggressive, are very speak. in that of to think one well to want terms it and their to But they'll being as committed as there. be anxious Clearly, be conversations we as we'll lot T-Mobile be able you I really mutually much of

days. would going XX of I And heavily, events XX so next to suspect, that be will the those on kind over

Ric Prentiss

CEO the thoughts know the the resolved? carriers Great. any a great seeing of COVID-XX, And the your know together issue about on pacing times you jointly India panel get a and of in pacing working updated the that things Any be of of back on payments mentioned committee effort. thoughts? when we But the when will COVID-XX has Jim, might on I'm AGR question in India India I lot a kind put payment. burner. U.S.,

Tom Bartlett

Ric, as an update. just

many mentioned, the Rod has I on things put as really hold largely of pandemic. a have the ongoing mean, as result as I been think so process COVID

lockdown know, my as on, you itself. I in and sense so And mean, full they're the is country that

really So we line time it's We right dues hold hearings and further half quo at now. on be But in the things for there'll really like everything payment that. sit of point is as year the discuss second status to the anticipate in time. this

Ric Prentiss

make close thoughts hopes for crazy Thanks everybody's time. Makes employees prayers and and with this of my questions. taking and through I'll sense. it family Again,

Rod Smith

Thanks, Ric.

Tom Bartlett

Ric, you too. Thanks, and

Jim Taiclet

and telecom my who's And Tower. for group. the this Sunil of on sides Chandrasekaran, between and got support, is it's with one deep company. in very To effort thanks your your digital understanding last work infrastructure my American India sub-co-chair of industry we've is the Natarajan significant the India Tom great talent quickly, years XX Jim, that co-chair is for those what Bharti Airtel our group over telecommunication of for Ric, Tata. of streams said both Mittal on entire the underpin on and also

great telecom. really made have progress on some We

industry In general, crisis can top of how And it as the of that to on there I here. becoming as is industry. India's we've strengthen imagine during consideration shelf this AGR has this is the be important strengthened. government in resolution ultimately it think increasingly the That gotten will you included

Operator

the from Citi. of we do question with a Please ahead. And have line Michael Rollins go

Michael Rollins

something the numbers whether Maybe it's has towers, at maybe is comments on I to to congratulations their that CBRS strategy you been expanding Taking pursuing for Tom other there you're to a market step Jim, the some expand augmenting market? you've this edge and morning. my further the for time. that been and a DAS well potentially in the to of the the thanks taking as the step cloud on looking also to your want and revenue, back revenue, roles. to addressable initiatives welcome. quite of put leveraging you, opportunities the pushing some with way the long-term Is a international just congratulations extend Thank Rod within that some some and new discussed and company back on as to

Tom Bartlett

period, actually and Michael, XX-year We thanks out thanks, of billion internally, this we actually about talked two a externally, back revenue congratulations well. in your events is and innovation-related principal would we've No, $X.X and goals elements those really did generate incremental We that from And as within Yes. goals XXXX. set innovation and initiatives. activities. fundamentally, set that for probably there them are

real estate rights First of and utilizing all, exclusive be be it'll would multi-tenant.

So very business. existing tower much related to our

If to a layers, or our and really not and again, you you platform, stack building, about if again, our with estate, I includes as platform based ATC, refer marketing of I'll ATC will. kind I'm are we upon, a own on real exclusive transport, ATC. it, platform passive innovation currently it's our you refer connectivity that stack of back to new infrastructure, think this kind that existing strategy, but platform guy, as on as our step neutral Michael, compute that power, multi-tenant

of that out access our So initiatives, fiber constructive if and meant they're from stack, are referring transport multitude initiatives, trialing everything ones the largely really in-building international that based, to, platform. the initiatives, our the kind you we this of were initiatives, will, computing we're and be as this you edge build power really to on

myriad horizontal platform, services. you broad kind a a vertical of not capable providing it's will, if really a So but point solution, of connectivity really of a

will, three you open think our the going this out four that DAS we're you we've capabilities. building kind TAM. And kind if is overall really have And XXXX, to, costs the is the to about it we major building XX will. out We're the if trying one years. you segment last this you in-building developed what if of of first traditional to that referred or So platform, on, initiatives stack, again, down and we've developed increase to over trying drive up

well develop from transport fully trying as really stack. opportunities layer CBRS customers. the the So more our of We're increase using tendency and to spectrum to our also increase call as the we're offload what we

shared to in down initiatives And and we're to fiber the largely providers, that America. multiservice looking facilitate we're Latin doing curb at really

on asset our leverage of the certain Atl improve finally, in U.S. our also stack. and remarks, edge trying really kind You work of And Colo our those overall and to it edge-based our referred mobile we're we're layer some doing trying my developing compute distributed and exploring portfolio. rounding in of [ph] to, And sites really mentioned but in additional to opportunities. out, I computing we're power

historical power new solar power We continue really solution develop packs. with shared lower-cost to a battery generator and using hybrid diesel-fueled

the set way as of it's and of But clearly, bit But a of do at very double it's a stages the of will. on early if we're development many think, the we click So a this initiatives. again, the around types of stack, effective you services globe. to to be as look well ability to existing customers to existing our core leverage to offer of assets at new new types customers able to our of

more that. broadly about So we'll talk

I really we it of is in building I of way, on innovation initiatives providing think our terms third in very very and or know, an the overall focused second We're where brought lot and couple will, I wall efficiently. we out. a the these quarter but deeper we're on doing that CTO ago into you if on We're that here, dive not we very oversight we a think, it, we're, focused upcoming have. and we're of call, think our we're an initiatives. money a well we're against being have you years throwing call a that take But overall as

to further and said, So couple feel a in this of as quarters. we'll come, more even I back

Rod Smith

Michael, resilience if what And opportunistic just to and of, Tom, really support our add and things just does to couple a that of sorry, of I a could the be it to add add strength business innovation. I'm help comes inquisitive So when outlined? underlying couple just I would our I Tom ability can

with are capital strong strength margins, that we're pretty So low at ability the does to billion combined our of XX%, position again, at debt core strong balance it innovation. when our fact sheet, underlying That north and cost be and X.X%, strength and inquisitive in ready the and was kind of XX%. liquidity consistent our of consistent $X.X the our support comes work north to is double-digit on to of growth very balance in go business, adjusted EBITDA that return revenue that invested sheet to really

Michael Rollins

quick there of get in to described, Is that an into year, Just a as constraints follow-up. of entering actually the up book-to-bill back could half pick labor of elongated activity a the are the in cycle the the you bookings and there the to possibility on the be therefore, so but XXXX? there risk infrastructure sites all

Tom Bartlett

be. I always sure. mean, that Michael, could

that given we're to effective be the obviously our could We but ticket, We're haven't seen affect or kind sites, be the out program. it build-to-suit able of on at necessarily. so essential could

site. the are timing but by we of essential a actually we've come personnel. will back construction affected be on be sites those For the And that example, We from think bit program. out build-to-suit ultimately considered deployed, the being personnel could

specifically, So go we of that see there. we around in think delays some I we along that business. growth But it significant if won't more continues to as But delay and see sure, build-to-suit. that intensifies, it's this think could the

Jim Taiclet

to were add, just think Tom, now. get designation, countries bit needs effective U.S.-India U.S., the the an I with us U.S., think right in position, company, through but business deeply I And not worked I little in be CEO Yes. would to for that a our India. roundtable in think, leadership in that I still we from India, in industry both the And - therefore, only our infrastructure critical more Forum, own for suppliers. But it's pretty instrumental

that some available of well our customers fairly that vendor result So leadership. I of expect, as a to a have Mike, we'll carrier us as capable force

Tom Bartlett

perspective, a part it's Yes. chain thoughts on, would haven't might our don't as we I be And I good in spot, antennas there good but tell. time, customers but big necessarily And that in at some if the brings good said, like deploying and from it. think mean, this bringing our that supply will get but we're actually usually things time in initial point. $X.XX point anticipate that and issues one not of in a this it's But and continues a are radios we was a and but of infrastructure. spot, this seen in way we in,

Michael Rollins

Thanks.

Operator

line the New Kurn from with question go a have do Street Research. we of ahead. And Please Spencer

Spencer Kurn

for thanks guys, question. taking Hey the

your I you about valuations of the all, international have Just this landscape. present M&A of periods And dislocation In you to in opportunities rapidly turmoil. than of better on that wanted markets you inquire expand current market are tight? to in portfolios prior was some in these could you Have more you've for dislocation? elaborate are any been experience found to periods periods well, seen these first on hoping able where

Tom Bartlett

Yes. Spencer. always at No, We opportunities. opportunities, are M&A looking

out amount you number if to development it's And globe. companies was opportunities their time continue sale. up we for picked Whether and up the frame, a distressed growth. the some there out of sizable Back assets. they're were are a know, teams not, looking be significant There of pretty there just have and actually there As were we COVID-XX related back a lot business or in fairly were will. you the lengthy of at time And to XXXX, aggressive that assets. around assets that there, monetize XXXX

see. we'll so And

a if I think terms impacting particular in its company's will, still financial stages, in early we're pandemic, you of terms the of position. in

have As position Rod a we point liquidity sizable time. at before, this mentioned in

really we'll our to here. manage way deals, and well to monitor investment at that opportunistic continue be fundamental and we I it we're So But and it positioned we'll go look back to the policy way. think

at which two integrating we're and the We last currently closed very just transactions going it's And will tell. so end well. of time year,

think we'll position become we're a to in extent some able said, see so strike available they But to to And these I of as make to us. year how and financial good sense the the to at out. be I continue pans

Spencer Kurn

you. thank Great,

Rod Smith

Sure.

Operator

the And go we Bank of please Barden from with question David have of America. a line ahead.

David Barden

and been and is everyone getting investors, vision going me ready? your congrats, goal. the Congrats, five is versus are you kind of articulate me Jim, similar go has? might guess of a might What And might Are your you from now few years is that on different for I the What look to that of how kind ago, successful we've Tom the question idea lot with Jim, is came on I is career in like that Tom what Where a looked? sentiments. that. company then all how company of be I've what you achieve just question and Tower or your Tower want Taiclet's you the the else's American American Rod, size to elevation. Let Bartlett's American years your guys' ask goal? a wanted understood and Tower the ambition? strategic up to this Jim have to let be ask that able from vision double which

Tom Bartlett

There's Deliver talked And I just that that are four a strategy. And and it Yes. ago. few and growth, developed growth, I, No. both We for of and focused blueprint process, and enhancing organically that's we about that rest strategic Stand a a it. drive currently my growth, that congrats key thanks as Thanks, tactical leadership. and that and your continuing is efficiency of and elements There's you industry innovation Jim refer place our I in David, for colleagues got as there inorganically. well. executing. know, It's believe our the initiatives. We've excellent as to one minutes an it's profitable we're sustainable

sound thought around creating allocation the dividend way our criteria, sheet, sound. we policy, principles, absolutely think capital based balance the we way upon have value our and investment that is manage consistently I about shareholder

really the the to business, way been to in place. any we don't I we've changes no So changes I clearly, and mean, see blueprint operating the have that that

I the think outstanding. existing is that team

now so up to And continue it's us execute. to to

Will got don't okay, be that we as happens, to And XXXX. evolves? done the as say, as have just adjust last are I as over it we we and solid. have. tweak we as just, doing. market we continually the But to, fundamentals the XX, XX it a always need years, if on to we're that, If move terrific. going place. we're notions that have down, billion business in keep Absolutely, we've I the strategy by heads grandiose $XX continue mean, going our I any But just really to have

going to there are that interesting and minutes a think I that the to And fair business. we're was I innovation our ago, strategy, talking few are think think We're lot increase are I there of good a take continue a really very of. going as to elements going of overall which share addressable to international big able market to we're very our be globalize. I

when look global to particularly continue globalize, have. that centers opportunities are business, at for to that centralized I us think there we some you operational

And do on so we I things lot efficiency can a of the side. that are there think

of that look in. we're back the big inventory, really XX of of we X/X shoes Jim side, and opportunity in fill market, inventory leadership the markets got continue think we're the on kind the of terms assets, envelope you the in. you how lot and side, is to I we've to of got on positioned at about the leadership really our XX And will, to in that a own you all he's if step when But push markets the we're

a lot think we've got model going I for business enjoy to opportunity growth So And great there's a growth. forward. inorganic organic of

the got we've in pieces think I place. fundamental So

good evolves. is very based market the we'll how blueprint about market said, and place. adjust the upon tweak where it got But and As we've I in it the that feel

Jim Taiclet

Deliver can can our our opportunity David, have, in, big And infrastructure to when take to character expand only world circle, closed hyperscalers, and international in And circle innovation strategy us XXXX States that like and international span through could XXXX, years with us positioned we circle domestic kick the Stand in maybe It us other the program innovation international even U.S. we without program would here gave it potentially on otherwise work on bring the dimension the over because U.S. it we the like faster it countries. coming portfolios. has, tower where business new than have strategy estate of that the of no the then the David. grow it over as a United customers one owners our and actually back gave digital the that 'XX, full embarked real company we're in our assets, and types to an to say, that in

So pursue real the skies I for Tom there's here the think some team and under to strategy. blue

I don't for the any executed have agree the call strategy we this the fact same right on put years now. perceive on team from based that the together I the XX-plus people And that that with is deviations it big that and exact

at going having really exciting we're going ATC think I times be forward. So to

David Barden

Jim. great. everybody. it. That's Thank that, Appreciate And for you look,

Jim Taiclet

again. Thanks

Operator

we And Flannery Simon line with Morgan go do question the a Stanley. have please of ahead. from

Simon Flannery

Thank very you morning. much. Good

me team. my the and wishes congratulations Let best add to

you more think Colo business across assets And the opportunity? you and expand mobile think you country you going that On do world. to COVID of can you give demand interconnection, some as etcetera, about the with sense markets that what you're for taking compute, have to seeing in today? edge on What's can need the opportunity, the strong maybe add us seen that on additional the environment. advantage of market just current We've in other in

Tom Bartlett

well. thanks Yes. No. Thanks, as for congrats your Simon, and

back our overall kind at a it initiatives, I think kind step really computing of you when look of two I'd edge at pieces. you take look in and

distributed computing and distributed. had edge their a those actually to of where some midsized being to offering First early-on of this enterprise, particular to we've just looking all, putting enterprise from or for compute aware more our move actually they're and smaller distribution out to perspective, where pure public workloads perhaps accounts, And cages enterprise, at sites. are successes, the some is we're cloud looking we're

different easy elements. number easy element the complicated and traditional computing. And more the of edge from this of is second, kind then the the a mobile piece, the of see that's kind I on I So we've think candidly, And piece that experienced.

think obviously needs that. hyperscaler at the the see side. how the I we in to it be latency the out and looking ultimately for be able going from this side, looking from is data And we at might where of participate we're that are we're to at developing lower opportunity this edge center types

as with terms looking how know how as a to they're going our working the this facility we're access all to we as a relationships know the going the AT&T sites don't trying well the to that you I power And offering is interconnect see the of and out between know, themselves see to really. Atl that carriers. we're and We year, that the looking last actually Verizon will, couple compute further on further what and so have, we picked they're lot like. to in And up pan sites that with Azure see of hyperscalers at we're that it with going putting you and the looks don't ultimately out. to with edge. to ecosystem, or Colo Amazon if and how the of getting and to initiatives Google own C-RAN and cloud at interconnect of the out I kind back and

We very can to is be that, that that think solution. be I that. be before, But we leverage able to And efficiently. looking to without something of we're have element really that to have valuable this be it's to figure I overall can But we support element as something assets we here, the going able kind mentioned to a away. scale. the three assets going of to some the that's IoT part that that to vehicle out years how scale that kind take the of probably all to here with going while that five be don't whole think it's to

number a different of participating we're in so trials. And

of of and computing compute we're into we out said, figure trying the advantage overall I going As distributed this environment fit forward. capability, edge mobile how we're taking kind might to

come more So on to that.

think as said, play got very role But way. assets there I some some that I a we've valuable can in meaningful

Simon Flannery

thanks. Great,

Operator

please from have line And go Cowen. Synesael we ahead. do question of with the Colby a

Colby Synesael

you're mentioned you ultimately India. that everyone. first other increased you're paying Are want into I paying particularly And their networks strong. as will I'm guess, areas Great, And think starting just that I at mentioned markets, you there's we have or also seeing think somewhat particularly you congratulations thank if countries in usage, that any actually incremental you the aren't to you. those attention you be international conversations related, extend to, counterparty the guess translate just risk now, to environment. some revenue? COVID-XX in curious to question, my in just should my right had attention wireline in least, where Do that, now? to

a of things, back opposite be Just to are some the could to to think on pull see start actually some the of Investments? do side better on we that the to Although of trying they actually sense out. those some you their pressures what's of start opposite economic given get of winning international that markets going where seeing, actually

Tom Bartlett

I to Yes. particular are of essential the think question, some they're isolationary. to and incredibly customers tables of lack think this on that to WEF disease their ensuring been said, And as themselves wireline connectivity important and of because continues. customers connected, some Colby, their the continue to they're talking are ensure all so presence, in on I with Jim pressure particularly carriers going the I our there. of that terms we've with with themselves that governments the on that is put mean,

to is So continue yes, I going think that, there. that demand

high that rate up rate in growth growth America through X% of in of walked kind some and our rates, at X% of we're kind Rod As in the Latin Africa. looking growth to single-digit

candidly. actually that continue. continues, We it, So there kind collections with we're But it - can that things of like we monitoring always see. might that, we're that that that, we'll to I is believe growth and internet? going delays be sure, closely. will haven't be seen the to that this There and But associated something the issues extent

relationships with very close We customers. obviously, have our

is the their meet be critical needs to continue ability infrastructure to to customers. their Our able of to

our pandemic. of think with us, watch and work customers able to I through this and it able manage to closely we'll to it, we're very for be So monitoring that. be through But all we'll able to, be get to

organic first of collections in the India, and issues been build-to-suit that those growth, mentioned and some question, there delays we've we're your On delays seeing in we've many program, could the monitoring be in years. the managing for

we're again so customers. And with working our

our there incredible have management place who relationships in really terrific team an customers. with have We

our infrastructure this again, we'll so position, allow to you infrastructure that of us through all of think in being if a the them. kind good And and really given I nature work pandemic ultimately, of get we're critical with But that's going itself. kind

Rod Smith

issue Colby, can you India, add additional if And on in collections point then just I Tom, one raised. that the

customer strong our So carriers, see customer when our accounts a India. you which globally, the at most it in paying entity and that you very investment-grade that customer our I'll one collections, through In long is BSNL, we majority increase India, when receivable, the to are point base the in a is particular, release vast of When comes increase base, is bills. entity, from multinational their think large look and of which carriers. a go which history has about press and of you government-owned

expect do we through government receivables customer. paid do the because be that funding we of that will So through, the situation that those through that impacted could when India, that in COVID-XX be comes expect and comes when

they've Again, pays bills through that been before. wait to government time. do from relationship close have very time in carrier India however. with our They funding, this That to a local teams have for BSNL, their

Colby Synesael

you. thank Great,

Rod Smith

[ph]. Colby Thanks,

time for more question. I think have Operator, one we

Operator

question the Capital Nispel Brandon we KeyBanc Please go Markets. from with do have ahead. And of a line

Brandon Nispel

on that not guys can the in us for maybe bigger on you but signed three the basis? on how quantify this Appreciate terms first a Second, just has Can are maybe question give in. not from me here new MLA us questions. backlog after on on you trajectory may was picture guys lease A Great. couple you And changed color kicker maybe that quarter year-over-year in squeezing some that the And second XG. what AT&T closed? of air T-Mobile quarter a of April through quarter? in the repeat third, the applications

Have and customers going mean from like you see XG to that seen for standpoint amendment from a for an configuration that U.S.? the what put to up what enough you standard in they're your might

Tom Bartlett

Brad. Sure, Yes.

myriad XG here. take asked that through manage I'll to questions kind the the the question, of and Let Rod you me kind of ask other then

mean, On take look mentioned, deploy the millimeter think stadiums. in XG Verizon of XX XX side, if carriers it. able NFL cities, you wave, to approach I unique have the taken I to the on as I own they're all at their a being kind themselves,

millimeter-wave roughly AT&T in talking spectrum They're XG as have a they're XX They stated On year. the I amount time spectrum no new sub-X, deployed sizable in, about adding well. think, of dynamic millimeter, XG sharing, the using lines. this they cities. cities

XG the different low-band taken in I T-Mobile then XXX of they're XXX X.X of their spectrum sub-X sub-X, have leveraging And a with of amount kind with markets providing spectrum, of spectrum. sitting also very now megahertz upwards think, And on approach, their top XG. a have Sprint they using in, also a of millimeter-wave their gig sizable lot kind but largely of

will we've level, good it'd of the level, nationwide the all which The it's kind but ultimately before, improved different very at mid-band, about about, of lower talked will talked able ultimately really, So kind be propagation. be and this carriers X-level sub-X taken which layer limited CBRS capacity, have auctioned year, band, to gigahertz kind capacity, off coverage. cake, I I've as of around C All think the get propagation, we think circling very be of the this approaches. where base

being then that and the use as dense look and at they'll urban millimeter wave, millimeter urban And that wave spectrum markets. for you

up it's built able X-level able come to have, I leverage on themselves, to And deploy So the to always have. with as spectrum this doorstep. to XG. our I try more to on to the this put be I carriers And They're hands going always think several we'll out. next seeing think approach they've are they being to going had, as over kind spectrum, their that years get of it's the said, as be it they

the XXXX of traffic percent forecasts that XX-some-odd saying I of or think the will XG by some XXXX, be are based.

well I of various geography So forms look the the as and to very going different, spectrum, it's they're continue kind to of advantage take but propagation that at they'll support. you they're are to characteristics know, looking given think just

the on Rod And other?

Rod Smith

Yes. Tom. Sure,

question, the we I'll the address growth kind organic for thanks Brandon, forward. of So and going and what expect

at came earnings, the you look total billings QX about if about company we was International was in in tenant So for X.X%. our growth, X.X%. came organic X.X%. U.S. at

our at to the outlook expect And we X%. you If internationally, we're for be to organic growth total year, expect we look expecting be it In U.S., the tenant full be also billings about X%. X%. to it about about

that quarter. from do the kind in of certainly a deceleration a perspective, rates growth expect throughout So those we

organic you'll rates quarter about. So post first year do that tenant to here, hit tenant for down year highest we talked full growth in to quarters the organic I order billings we'll think three that see compared next come in billings the the those growth the to

guess, Of I the out, last I happened point Brandon, tenant big billings what course, a is billing year organic tenant year. contributor to organic growth, those this would that

quarterly bit certainly of a some the increases between that comes agreements, year. U.S. of of activity of for in isn't activity coming there's are when where timing The we under So issue think timing about timing in is a smooth. larger you that our a basis particularly the MLA a quarters, customers their good still when see level little could on

lot for So to demand us increase, for quarters, but good for is lower which year a gives of benefit But us, of new which a just few thing timing up, as doesn't we in site. per end or a with we MLAs. the able into will be increases. a in a QX, won't bump full large that lower the translate next those It's business lower activity the it increases the necessarily our really have

without in into too So deceleration. customers. We expect individual of, I a further a much that's nutshell, going do kind think

if organic some you It's it's growth mostly not our see of for look That's of a our to really our you in drop in we're of driven and think best timing increases outlook, And tenant guess again, right levels. by around those rates the our that at levels. MLAs. activity come going at when billings this I deceleration, because the point.

Tom Bartlett

again, and again. family a bit we look up this and with and late, appreciate all you to environment in really but as us said, really, morning. there with do you. your little this know went being I for Thanks, I everybody, And distance catching be well in hanging you, keep Thank Great. forward us. be safe, safe, social with we've

Operator

gentlemen, ladies participation for AT&T today. and Thank for that you conference for and conferencing And conclude your your does using services.

You may disconnect. now

American Tower (AMT) 29 Apr 202020 Q1 Earnings call transcript