AMT - Earnings call transcript Q4 2021 | American Tower Corporation

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the American Tower Fourth Quarter and Full Year 2021 Earnings Conference Call.

As a reminder, today's conference call is being recorded.

Following the prepared remarks, we will open the call for questions. [Operator Instructions] I would now like to turn the call over to your host, Adam Smith, Vice President of Investor Relations. sir. ahead, go Please

Adam Smith

thank year joining XXXX and quarter Tower's and full earnings you morning American for fourth Good conference call.

a will remarks on Relations CEO, will Executive XXXX and posted throughout we call, Tom www.americantower.com. have presentation an President will morning's CFO discuss our we We up Vice and our refer On our results these this prepared of our update under XXXX tab Investor provide open Treasurer, Bartlett, Stand After the and our website, which Deliver for strategy. And call President, then Rod Smith, outlook. and your our the will comments, questions. to

Before number our future are growth, we contain and a of any comments allocation risks our CoreSite including our the and of our expectations capital regarding regarding expectations XXXX of operating statements our remind other plan begin, regarding include historical you outlook, COVID-XX; uncertainties. that future the statements the for involve financing forward-looking that statements expectations that not impacts Examples I'll and facts. regarding acquisition; performance; these matters

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

Tom Bartlett

Thanks, morning, everyone. Adam. Good

of our and our strategically for our shareholder returns augment our of XXXX, you sustainability also many provides customers. reflects which to being AFFO results results we're pleased this financial trajectory to share continues targets tower years multiyear today's good to to additional to to organization. relates to citizen continue at to high-quality year our further It presented our of for future the we deploying talented as targets. our believe total commitment say it I'm those be would the thought will purpose enhance and able reflects and at focus our and the be to we time, in and and while per a operational press service best-in-class U.S. level generated we model, As we provide corporate growth. of dedication growth today in growth Last And every organic to deliver saw compelling business The that be capital strength release, come. global billings that strong ability teams commitment tenant to exactly where nature assets a we

of including investments XX% some global U.S. the the across and compelling, growth carriers States at returns a Sprint we upgrades X%, projections, even in at U.S. prolonged from the consumption excluding billion for at investment as growth average assets And on higher This Sprint in excluding continue tailwinds year nearly least basis, footprint. more and drivers. drive includes network XG implying these to years regions. network XXXX, continue in beyond of of while significant is expected in global And our across growth will in our to our track cycles least when early spent are of we XX% least we believe churn. targeting growth XXXX, majority and are our of XXXX, X%, churn believe least fade tower mid-band to over sustained part in the international a of anticipate five these next over X% XXXX growth growth share, rates between anticipate rates growth multiple we an organic vast drive markets, a and annual company it's tenant early stages least and as more billings but by today. the we on growth interconnected excited at of in data basis recovery markets, acceleration accelerating of United and globally we in grow deployed secular arise billion also most additional expect of probably transformational reported the the And by as rates average also stages XXXX that a churn. of XG expect organic advances, growth $XXX for in average an and network reported through growth on the average average to rates on billings the tenant spectrum transformation about CapEx opportunities carriers in we from continue. in an and the into through digital the XXXX as we're We saw we impacts to mobile on $XX equation, U.S. With expected to at to XXXX. XXXX of the AFFO at XG impacts rate Sprint X% at per critical that distributed side subdued cloud-based Similarly, in is than AFFO macro

our our platform. Deliver our expectations operational enhancing these be pillars of our potential estate the time. efficiency of We real expect of our strategy, and CoreSite the to from Stand underpinned portfolio continued communications our industry while execution transformation augment and existing capabilities, anticipate upside capture extending to closed over distributed recently to leadership, by the We in driving growing this value and assets acquisition ability strategic four

accelerated data region assets last saw organic We expect focused tower As where part and in those the to added than XXXX CDPQ we for of being improved anticipate our joined European future strategic more trends in we continue, the $XX billion trends year have supported PGGM, across a we to meet Allianz, partner, Europe, decade growth over partners, meaningfully needs, who CAGR the we investment by of strategic years our a and growth deployed for our to platform our projected growing markets. our commitment what in European M&A and of creating exciting an ahead at long-term solid on we financial capabilities five our customers' Separately, XX% growth positioning. next existing throughout major and marketplace. the

and XXXX reduction on committed initiatives. targets solutions emissions our targets EDISON are our of support which actively and science-based finance high-level our Through we returns for record the evidenced financial M&A, sustainability aims XXXth nearly regional efficiency a a country grow solutions efforts committed communication five our the greener we've milestone our across our and Economic industry directly our sustainability to the while on accelerating by we significant health addition communities land advancing which care years, economic accessible and sites, primarily spans In to energy renewable program all. our enhance American along continued investing a investments, several continue year, our engaged reached was the to next nearly to X,XXX past change, our access have years, member expertise which our CapEx indirect combat expanding These in launching that education through time, a operational billion, development. priority Concurrent the Alliance various continued a generate a million this communities our leadership, the CapEx our and and and supply community in social of To efforts as and targets inclusion mobile X America as digital Tower to Africa. through X,XXX impact Through working commitment climate connectivity. of and affordable program recent to we goal towards as and baseline, and make India, on XXXX, against highest efficiency investments we targets of $XXX $X.X focus career emission we in by to grew We're set asset in with commitment base increase a involvement, top next expect Summit by and construct energy end education, At new over our an are adoption by XXXX customers reduction Information access, internal targets globally support further platforms expect primarily World as our to a portfolio. with reduce they teams future. partner which on digital Africa digital drive preferred India the indirect carbon ideas digital site of digital initiatives. Challenge chain Also Lives emissions expertise, gas Billion well new Forum's and development World awarded energy investments, reduction spur at to across Latin stewardship to remain construction deploying quality for at execute for their acceleration we've opportunity and through to our life million $XXX and among build-outs of invested XX% represent the array direct to These with by and to prize on to Through targets health, reductions. improve least of our seeks towards Society over the network focusing to XXXX of date, our and in for underserved. emissions greenhouse least of we XX%. to talented

Finally, plans implementing footprint. inclusive on we focused talent equity advanced development, our enhance culture and education customized our recruitment across our inclusion global commitment to by to diversity, and

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We are driving the throughout also efficiency in steadfast business. operational

ensure deployments. drive implemented U.S. for shared on and enhancements to executed to initiatives that but help activity use our not supporting several to cost preparation of in model, drone it's level over process the driving service technology is our revenue highest also center sites. past in In these only Over of carrier capabilities structural years, we've example An implemented of us service value XG major for XXXX, Tower and team it's our up demonstrated integrity level to a various the improvement customers. decade our scale American initiatives site control

performance operating further initiatives, understand model We the time, advantages wireless and expansion as we regional in presence, Looking ahead, digital our with in of and market neutral immersive investments the edge strategically as core become a made AFFO. across supporting hosting, education, to At we edge-optimized across distributed trends We've that with identify locations. and networks facilitate gaming, edge, leverage growth care our emerging with to have will latency-sensitive our think widespread the could believe power advance processes Through the AR create shift in and communications' top set believe of machine enabled We future in think begun IoT such place will will line that XG evolve site real public with experiences devices we've through Edge, and that ahead mobile meaningful platform process, health XG deployed private on same will learning, positioned tower or of put the infrastructure. will opportunities expansion tower-centric converting for coverage. drive the massive applications our advanced global AI the of competitive deployments a stakeholders. structures to are converged of evaluated range of host new solutions technological have accelerate edge position growth to and and we been horizon, many transformation VR, to true assets. computing our And believe from scalable estate conjunction computing today's component while capabilities and industries. attractive new the network critical only complement technologies, long-term returns this leader we a

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remain forward, sheet further which our move focused we element enabled on to our balance component important as we remain we a that of success an expect As has enhancing been grow has investment-grade it to critical us future and well.

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We two on to Deliver values Stand decades. the track that and continue fueled same last discipline and strategy our follow will and the have record our execute over

base is XXXX Rod we continue enter to me Rod? enhancing through With turn positioned outlook. our capabilities, our support hyper-connected, comprehensive as XXXX strengthen of let As we American our believe portfolio, details global to to customer go and world. the digitally Tower we a and driven while operational diverse our the over call that, build our well to results

Rod Smith

you Tom Thanks, are everyone, I your families for and our thanks, joining today. and call hope well.

QX Tower American throughout performance strong heard Tom, year just global of business. from you another our which solid results As had included

full Before To we review year. briefly our dive into past results. and the details XXXX, highlight I'll our to accomplishments key like QX I'd few start, of the expectations a for XXXX year from

XXXX AFFO of marked share strong First, year against another initial targets. our per overachievement

and posted and solid respectively. per XX.X% tightly growth deliver of revenue M&A operating For This the and on costs share growth, ability demonstration is we execute year, full manage strategically XX.X%, total a attributable of AFFO our consolidated to important average, capital also is XXXX. previously structure. thoughtful note, start disciplined of a approach towards on growth transactions, great between and all double-digit objective while to share and maintaining our our stated AFFO this I'll a XXXX per achieving delivering,

our third of builds. year Second, we consecutive delivered record new

newly amongst X,XXX capital. constructed X As saw we day average we've these best nearly yield of we XX% be the discussed sites of sites continue uses constructed. XXXX, our NOI nearly over in previously, to And

the us. XXXX position completed strategic United XXXX, into critically a two we dive strengthened the our Europe, details of and States in M&A full during and, our markets transactions two important for Finally, year as results. and that, result, QX let's With

our In quarter, more U.S. decline XX% organic included excluding over XX% of than of grew our property on impacts X% or basis. year-over-year property or an increase Canada the an over X. revenues Slide revenue In This segment, an billings X.X%. fourth tenant FX-neutral growth Turning consolidated churn. X.X% Sprint by of when the and to grew

markets. X.X%, X,XXX at the by nearly with total over quarter, complemented our constructed property high-yielding, grew X, As X.X% across a of by Europe the growth organic XXXX, was This newly International for X.X%. addition primarily International contributions Latin of X.X%. from second led revenues grew consecutive and the Sprint assets. America by Africa billings sites expected. XX% XX%, international nearly reminder, coming half October by at Telxius in followed in as at at X.X%, our churn on over APAC tenant commenced was driven

the Moving while lower-tenancy to to adjusted decline adjusted impacts XX% EBITDA; in of the quarter, a growth of was Sprint EBITDA with over the XX%. in combined assets, newer, churn, drove addition margin

expense, with the quarter growth higher This of X.X%, currency and year-on-year cash-adjusted negative nearly which offset Finally, or million in consolidated the taxes X.X% $XXX cash higher grew the per excluding maintenance of interest foreign partially was along impacts AFFO costs. net included cash by share EBITDA fluctuations.

back-end anticipated, a in X.X% stockholders per was to common these growth timing in heavily rates AFFO As year-over-year XXXX, to the American quarter. share attributable grew in the of weighted the expenses impact in QX. resulting material Tower by Meanwhile,

run Turning and X% another contributions growth revenue Slide Canada to around by by of X. organic X%, contributions tenant driven growth co-locations year consisted normal This with This escalators; X% revenues and asset property growth other Full of compared revenue cost million including X.X% U.S. in billings nearly tenant and was tenant consolidated in to X.X% of around as balance XX.X%. was growth churn organic from straight-line of which higher amendments the of XX.X%, growth X.X% of $XXX X.X%. total from was included and X.X%; in of and to tenant items; from negative complemented billings XXXX. new billings billings impacts growth property rate and X.X% churn Sprint. approximately in

Our for XX% and from came churn growth billings was over from the which in Overall year. of X.X%, other amendment concentrated run recently, we international elevated of India, revenue was property where with X.X% by by tenant organic to X.X% all This churn offset more colocation growth escalators rate rate was X.X% items, started have while and primarily moderate. partially see of the churn. grew X.X%

in newly DataSite Colo recent a with new XXXX. segment This property, our center center $XX contributed existing portfolio, expanded of along with total consisting revenue introduced our approximately our within million have acquired facility. and total the assets ATL data data Finally, segment we property to CoreSite

incremental a grew and $X tenant straight-line primarily U.S. This adjusted $XXX drive U.S. On basis, over million well growth; $XXX the Slide in around of lower and billion. to billings in margin of to the over XXXX; were assets, primarily as XX strong Europe. net assets consolidated meaningful in growth basis XX; well newly Sprint the impacts gross which international believe down included flow-through growth, as to margin positioned in to the organic of nearly $XXX the from contributions are in due Turning XXXX, EBITDA expansion versus to time. we million for to million points around as services margins XX% year compared newer acquired tenancy adjusted EBITDA churn addition

by offset AFFO growth by recent by consolidated grew EBITDA This also and partially cash from well over expense as just per We and with mentioned. M&A million a was drivers in higher cash maintenance adjusted $XXX as growth in in costs share XXXX, higher strategic with our AFFO tax financing XX.X% XX.X% consolidated the compared XXXX. to associated CapEx modest as increase I

underlying Finally, to our turn projections. XX.X% highlighting our key few per common grew outlook that, I'll to share AMT AFFO let's start year-over-year. assumptions With XXXX. by stockholders attributable for a

new anticipated First, In few we to Telxius rise is we advance. an as XXXX. the for with what presence And strong our nearly a we a U.S., site activity. key levels saw network This the signed demand contributions we've across deployments boosted larger over business our transaction. of business In solid the expect driven billings continues Europe, next-generation to the X% exceptionally strong last growth continuing in few being gross footprint, following expect year, to in leasing years than year market items. higher across operations, expectation new by result developing tenant are new of by our activity comprehensive total MLAs the

this $XXX Second, churn United be States, historical higher XXXX we be the driven versus Sprint in we've In year-over-year previously, XXXX. than expect in about discussed churn million with levels XXXX. in by impacts will to

carrier churn international consolidation in are a events Additionally, markets, driving higher. temporarily of select handful

finally, million reflects revenue, property of consolidated million financing. some $XX related AFFO layered assumptions negative impacts our for outlook FX and million translational CoreSite preliminary we've in adjusted $XXX approximately to Third, XXXX. versus estimated our initial And for $XX EBITDA for

in property property you international and of XX% FX-neutral basis. representing includes growth revenue of over $XX.X the growth Moving XX% expected we on can than X% our revenues in expect see total on This XX, U.S. less of and a the Canada over or billion into the at of details Slide nearly XX% growth midpoint, currency-neutral regions.

also in roughly $XXX to We to of growth segment revenue Property expect cash data the in million XXXX. contribute centers

XXXX. XX a contributions billings Turning organic tenant note rates our and I'd to include centers metrics revenue do segment. that not unpacking tenant to expected assumptions like bit, billings property here growth our from you'll the the Slide see data growth for

of States with approximately long-term roughly colocations This Looking to year. growth at line the from the X%, growth amendments XXXX. last million, the expectations versus projections includes solid XXXX and and United contributions Canada, representing we anticipate growth in $XXX presented in implied of we double-digit

be We partially includes of Sprint. X% by impact offset which expect churn over associated X.X% to this with a

Telefonica billings offset Turning of us in primarily leases related Nextel gross both to applicable. year, XXXX, CPI-based which With greater growth in around by escalators to XXXX, settlement payments of for as as the well receive continuation to and expiration, than we in activity Latin organic growth America; XXX in of points we X% the supported their events, partially higher the of solid of Brazil. course as expect our amendment where compensating for than expect the ahead over termination as we early XXXX. colocation churn Mexico churn higher additional be by being tenant well basis These to items are from anticipate

payments fall is will tenant outside As metrics. typical, of growth billings the these organic

tenant range. organic growth expected Africa; to the Moving is X% in billings to be

macro We see around driving assets tower growth the colocation amendment strong to for our for and year. of demand continue X.X%

exit from expect their low XG through the Telxius the seeing be organic In from events compared expected early driving of basis escalators by and offset Europe, of work to rollouts partially smaller of billings elevated an our consolidation addition, we're added financial Meanwhile, all benefits the QX and metrics. for carrier tenant and expectation from will by of is stages around These the XXXX acquisition, way This some churn, in for churn X.X%. growth scale XXXX our up across XXXX as we as This XXXX. to the points. market includes full business roughly XX events year decline of carrier assets legacy wind assets from the being benefit contributions and lower-churn of numbers we Telxius the driven cancellations roughly to our having X.X% mechanics expected higher and by consolidation combination as amendments around X% XXXX. are to Telxius higher in escalators and Churn in reduced colocations of as CPI escalators down. the X% approximately be in of

Finally, digest in half At XXXX in organic to XXXX Pacific, gross colocation we're the bode Asia think X% as With steps levels to same amendment picture overall growth said, around encouraged We more sector tenant churn carriers the improve billings health improving reduction in to to marketplace. marketplace as recent overall of imply guiding the telecom are including in time, growth XXXX, we the X% outlook and the the long-term rate. in reforms to could that than steps does taken the of growth market relative these X%, profitability representing by aimed of to at a our by and less India. for continue well well contributions the rationalize as recent developments. pricing the churn carriers

Slide basis. projecting billion, representing $X.X adjusted of EBITDA the of to XX% outlook, nearly constant or a XX% we're at currency Turning growth of over our midpoint year-over-year XX; on

from in CoreSite and rates in XXXX, solid approximately on XXXX. assets adjusted drive organic EBITDA are $XXX acquired growth through including this conversion continue million in complementing growth We expected to

are with in lower-margin full along That Sprint seeing the of U.S., operational year compression the in margins. energy particularly expansions the and Telxius sustainable said, strong assets. result our benefits where to of continued in are margin churn on primarily in efficiency taking the XXXX. are slightly is in some our impact Africa, our and legacy solutions This focus businesses, meaningful controls CoreSite commitment the cost We hold driving of regional

to than XX; to from or over AFFO negative impacts in EBITDA flat in as intensity range. we churn. $X.X for expect less despite absorbing capital and to to CapEx the AFFO XXXX maintenance approximately by includes to cash-adjusted Turning remains the $XXX million more grow compared Sprint consolidated billion, million $XXX growth This in more as expectation be $XXX million to Slide X% FX-neutral

taxes financing partially in as offset our in preliminary to well $XXX expect as primarily translational cash million interest cash assumption expense, this We expected higher FX with roughly negative be and $XX million in associated CoreSite approximately incremental $XX by impacts. million

outlook in for layered to Taking issuance these AFFO $XX.XX, X%, the XXXX, account, impacts we've first year the stock purposes again, the the X%, growth roughly to a churn. in of Additionally, assumptions common or consolidated per tied CoreSite for excluding expect half of of assumption share be the of reflecting transaction. we our into Sprint

common Finally, related to in $X.XX an X% AFFO per This XXXX. in share interest attributable to minority approximately AMT million includes impacts expected stockholders is grow approximately to year-over-year our of in to assumption $XXX partnerships Europe.

$X.X across through representing nearly and which spent of billion CapEx to growth expectations of the Moving XX, construction billion was including on XXXX, distributions, sites dividend of We X,XXX dedicated development a rate our In $XXX programs, to $X.X projects, declared globe. the XX%. our of over another nearly million new XXXX common for XXXX. in we Slide let's review deployment our capital year-over-year

deployed of handful and we to smaller debt including Finally, around the assumption transactions as a acquire assets CoreSite $XX well billion, the Telxius the of world. over as

these expect assets new We drive to and accretion shareholder over time. meaningful value

approximately to targets. to board increase to billion line $X.X a shareholders, to our to our the in remains continue our stated expect we top long-term, priority. Looking double-digit with And dividend XXXX, growth distribute dividend we approval, subject as

which billion in spending, total our discretionary. development be XX% approximately $X.X expenditures, of our over capital opportunities roughly deploy we towards organic Of to expect attractive also in discretionary expect $XXX capital data be will We center directed million segment. to

for million $XXX NOI our we day deploy roughly to new construction to segment. X,XXX of builds the CapEx, on sites X these anticipate the in On XX%. expect side, tower we in development average driving XXXX, primarily Similar nearly International yields of

sites chart the and have are between right, of NOI to expand we on returns XX,XXX lease-up with constructed Sites of to than XXXX, around drive the these earliest the we're site since seeing our room range, XX% investments yielding the see average can in these more XX%. to XX%. new you we've international seeing XXXX continue yields As we're exceptional driven vintage, yields lower-tenured sites. as built And the time. XXXX start on on In over

key Looking to over new-build highly significant of portfolio scale meaningful continue site forward, as opportunities we adding returns. our presents development And prioritize a allocation term. attractive program strategy our international believe achieving we'll capital a continue while long the to opportunity part

strategy thoughts Turning out current financing for XX, now CoreSite Slide our around the permanent to we've laid our acquisition.

At to as have in into this for combination level, expect in instruments. capital finance our us opportunistically done value rate remain over common in out always, optimizes to our our and the we seek debt of longer-term equity the debt minimizes capital there objective borrowings way and to fixed and get that issuances. As investment-grade structure shareholders primary we we a through past, The a a to opportunistic long we markets for positions to term ways term. to loan us term expect maximize attractive. as that be transaction our dilution deploy creation high And is continue revolver the stockholders to framework, within

the be purposes occur equity have of our to issuance the like half and of that number much a outlook, we Telxius for XXXX a On With convertible mandatory XXXX. $XX first the the anticipate through billion acquisition private purchase including the that alternatives, common equity we financed partnerships, evaluating half for preferreds did common in of we assumed equity, in roughly price XXXX. of side, said, initial will capital assumed

the longer we while As track this term. our below or anticipate to you to on to leverage back can on putting Xx over Xx down slide, the range that high back will slightly us get see the bring

Importantly, agencies with committed investment-grade been process. rating have the our and we throughout remain rating working to this closely

a evaluate plan create options, have shareholder to will continue incorporated case we that potential believe with on the equity assets. as our current baseline progress. As us the outlook In long-term in our meantime, number updated well we side, of positions CoreSite we the the to all keep value particularly we we you to as

activity position. and prudent, several per in balance believe results Tower's drove record American we growth, will sheet Slide XXXX, to completion global of double-digit and that build AFFO management we XX now the including summary, share in leading compelling transactions new enhance Turning strong

As that, all what carriers as open which networks. densify markets, infrastructure demand we total for a as networks we trends technology strong can expect American our continued their and by assets out critical and deploy drive operators we're questions. years a new meaningful well positioned long for build the to as Tower and secular assets. activity to we're we of our global that tailwind U.S. come. In data lines our ever-increasing expected demand, look to continued returns mobile believe translate XG in see mobile early-stage encouraged attractive greenfield Europe, with are into communication will spectrum many shareholder acceleration we across footprint, recurring we support to and operator, look benefit And meet growth to of upgrade Meanwhile, for up at in the to

Operator

ahead. Morgan line Please Instructions] And Stanley. to go Flannery [Operator with we go will Simon of the

Simon Flannery

morning. equity -- think some good Obviously, of XXXX. your public available been and how deals lot much about very back. over of a pulled the you a Tom, you about get doing And wanted Thank I the from in talked I have you've do here. Europe. valuations There's to M&A think sense portfolios Great. of you

And as housekeeping you term? to build if continue thinking So private over then the But the Rod. you, an the there regions a And out what to your opportunities there's on and adjustment about been I'm business? mix not question between how the about are optimal medium for just assets sure side well. are

in some about talked churn You America. Latin of the

Any Oi. out recent year regulatory approvals transaction on for the call what and and didn't this update Oi means beyond? the You

Tom Bartlett

than then, America. M&A, first no Latin things it's mean, Simon, about can I been last the I'll to you with at and Simon, talk regards the different Rob, do we've decades. for two Sure. looking

our we every are We because and at we planet. them. presence, just size going the invited looking evaluate sheer transaction into that see get we around about on -- our of And

of and XG we for looking out. Clearly, realm we said, the carefully, -- A where in markets. the development now XXXX opportunities them. in as terms forward of there we've very, And as at deployed a going in rolled at very transaction at given Europe. looking opportunity it's we've right of focus had public seeing a saw perspective, portfolios of scale spectrum we're at gets growth just business look have the But But it, in region. of us outsized is done you Rod lot looking really clearly, in do talk have we're and all as of before, And seen going it a what a lot the markets really from expected, We disciplined the one some as the it's as XG what ongoing about, there is we there our are are markets critical as real the there. -- of very it teams every that would Telxius be result we've valuation. you in looking And discussions. forward, and in are terrific

impossible create whether this But and terms clearly transactions. evaluate those time can will in we those. in of we to look value speculate really at at So, of long-term it's success determine and them result as point in a them

Europe portfolio taking We significant be, been the we we've particular very valuable at we're growth. very the now have. of proven across have diverse And regions presence. I that have did has to the that looked XX where that had years And really and we last a market think, the growth as not advantage we which over do

but I review very really said, those predict continue it's a And might to we'll as to we'll what opportunities. the continue disciplined outcomes to take evaluate be So those difficult of options.

Rod Smith

thanks for you're I doing Simon, question. well. hope the

that's guiding tenant organic towards just And recap growth. to just driven billings organic new America, by above we're Latin in X% solid bids. really here, So

contributing or we're from seeing builds we've So about escalators. an perspective. so organic outsized new And X.X% also got

above got in we've So in market. that escalators X%

escalators And the strong American sort have Latin But there. nice So elevated that churn. an in are we markets. temporary seeing that really inflation hedge is of we

in and quite of primarily equation churn for about with have the up in Telefonica XXXX out is We got play churn yet. doesn't Mexico Brazil. that's Oi outlook The the X% long-term we've So Latin coming Oi. a really America. contract then do Nextel into in down

really numbers so. out we've not the that XXXX to And regulatory where ahead around of that So or revenue. perspective. X% get may And I we'll that out seven there a in anything of goes. and next got total see will seven But component protection over market play in the want years. main happen there over it's our years don't and from our in a Oi is revenue the

Simon Flannery

Rod. Great. you, Thank

Operator

go Michael question ahead. from next Citi. our with is Please Rollins And

Michael Rollins

us And integrating, influence some or the assumptions I'm DISH Thanks a network you bit you activity these curious activity in could to about mid-band, and expanding if if unpack with domestic there's C-band, AT&T give way a to and little morning. good half their the And are work starting opportunity, what their into sort can levels the next deploying of deploy continuing of Verizon levels. year the this for to performance of build expertise out depending and on more sense talking system second in T-Mobile through number? how year? and heading the

Rod Smith

and on thanks you the for question. call. have for to joining Nice Thanks us the

quite terms of the really strong. organic or organic So growth market new U.S. builds in is

of the up very here, is that all major indicator carriers within initially, that, our see as to And continue active. place being the maybe early shows services an business. We

do. we're towards a well So XX% margins normally the organic at guiding the there. you XXXX kind then of bit were still in growth guiding $XXX historical right below when revenue levels, where we're still above services nice there And are or think we so And activity. parts piece in where so. towards services about million, they still you here, again, U.S. level little X% the And give above solid I'll of once a but coming

the we the then it at of from are slightly through from were a there that's in where about -- up they and driven about percentage in at X% XXXX. the Sprint a five X.X%. all in And firm, so driven X.X%. is that basis; Escalators at of slightly in is little coming primarily have we've least that terms primarily business new coming talked They're is very where year churn was prior churn -- organic holding ahead So about. cancellations over outsized

MLAs know do you we've as forward, of revenue of going of got that kind we've with well got carriers, lock-in terms our growth. In most as revenue where

underlying growth So the about X/X guide, Even we the X/X MLA. there. not actual of up the in the in is revenue only do ramp locked so long-term in our in have or but of guide

going we basis. carte customer à that in la do an We on So nice really have see clear visibility out. terms the of growth one that's

it the half in So is we and of I business. that new agreement put we the as revenue we'll deploy, that see the rate what the getting that to rates to And contributions the a ramp make DISH to about the towards colocation the expect That beginning will that the that's back that. mid-single-digit year. Tom would confidence really have so then continue talked point year, long-term And out is amendment we've final that produce to in to they And into begin which U.S. growth sustainably back ramp the growth then and gives do up over organic time. will escalate the also to the for us past, us And ramp-up year. with through about this from year during talked

-- close the growth or million. we're a And XX% guiding And $XXX the that in $XXX rate. million around about from to year-on-year level is $XXX so. XXXX up solid that's For year, which represents

see pleased U.S. will the into in think and with a we're the in mid-single gross over that long quite So what the And we seeing return the digits then from is subside growth. will that churn term. U.S. we're we growth temporary

Michael Rollins

a And briefly. just follow up

XG Or covered have you has that figured to carriers is national with, the mid-band MLAs the out might that under MLAs? in for something that be those So get future?

Rod Smith

all on the it's rights and incorporated. No, when that I that's think use have, based think MLAs we you use-right fee a about

continuing you the anyone level and as granted extent covered. it's To level upside. what within the them it's how be heat and was tenant of terms they bucket, then deploy. that the right, certainly that's once extent was We're that to to on their in long-term activity for there's as pay basis, things And activity how their upside contemplated very the short-term do goes on U.S. bodes carrier north there, And then what expecting that So that beyond depending fits go. la they carte best $XX that a here. use as quickly à leases well to CapEx see well in the deploy, an would in of are again use we up. And billion our right certainly,

about is in the the excited as be XG we're and seeing been and activity lots there So we out that and all off that's that -- and spectrum U.S. of auctioned eventually we're C-band well. will deployed

Michael Rollins

Thanks.

Rod Smith

Michael. Thanks,

Operator

ahead. from Ric Please James. And go Raymond question is Prentiss with our next

Ric Prentiss

everyone. stay Good I guys to Thanks. continue of you hope well. Glad A doing couple questions. morning, well. are you

on should is appreciate assumption. that about -- color what for the private the in on would aspect. total, think the wait what with billion rates there's I some on are think How common waiting on capital as as gating go-to-market? far overhang we First, bit what Obviously, And about what the your as market? half an about to us equity billion be $X assumption might How $XX go you the offering. of about gating on are as should component, little what factors equity to we a for update stock factors we the the going of

Tom Bartlett

Sure, Ric.

equity a of of the right closed market. windows options when, we different So for here. that with to us. open windows a we go we in go the that company, when of that be which offering, $XX point. we are deal through really and equity out couldn't at year half may way did for equity that that outlook purposes, That an deploy as and sorting at QX. of the kind And then common assuming gating element closing tender And we and item with offer. you January of have about out, There the is And rolled ahead it's at Certainly, purposes, looking resulted us can modeling through of the billion. was pushed go that us beyond tender offer end we kind we out into then QX the think the

a there. that kind we're factors of lot So QX. from the there's drive a CoreSite on of cloud-centric up in that which shortly assets of But think, the with complicating focused over said, to open term, set here long-term creation interconnected value. that windows we is But lot of again a network very going high-quality, certainly, and and is value in then have we long

at And is looking We're of in I an to if Again, partnerships. So then remarks, get interest with the best a conditions, to dilution assumption. the together, together. that's shareholders terms make the that always we of takes those convertible market right always also capital assumption that decisions. want important put the and the common sure as bit the what little make do. pieces that in more and have at we'll -- best that we'll we us. right with decisions preferred mandatory we'll And financing and prepared in And minimizing equity put is make the potential capital time said, private We're based said to also the instruments. we looking in the on mind conditions any private out

stay within of framework that's do That's thing credit. So we seriously. then also very the very to solidly investment-grade sure And take another whatever we that making important us.

Ric Prentiss

A one also. to want questions lot in on the calculus. follow I of up Simon's

towers Europe a we beside or to other lot the a fiber, on with you in As in there's what CoreSite, outside question asset And CoreSite? the the you how discussed lot of fibers centers, data you've Tom, are center classes, with centers or get kind out of concept portfolios mentioned replicating you do gotten interested lot there. U.S.? other in about data spend need What venues, data Europe of a

Tom Bartlett

scale. as and to of expand smaller think a clearly evaluate develop as developed that, it on centers, United We edge going United to The America. in candidly for, focuses of the to the going Ric. the that And have to some Yes. No, that extent that's fiber Latin to that some at reason in our United do Latin do CoreSite options look able clearly clearly, We we tower outside States. well actually portfolio. was small really be where in on down acquisition States, I really -- very the then in America makes thanks, strategy mean regards down initiatives data the States, are that with have first. market we'll outside the to grid be is sense down

that outside platforms we're tower. largely by the seeking driven are So really the

as in of well particularly going as in We on, and lot initiatives India. have a tower fuel Africa

extension, site, So what carbon we're improve to similar a overall we trying to -- the more model, efficient really targets and customers our that the our science-based interconnected consumption will, reduce consistent with you within data we of trying kind overall consider the footprint, we're the quality diesel if that where to reduce Ric, the to with really do platform model power States. tower fuel more our with even offering through center United portfolio our our initiatives. develop of But will but really the value

of clearly tower And is the a so it outside United States, focus.

Ric Prentiss

that helps. well. Stay Appreciate it Great, guys.

Rod Smith

Thanks, Ric.

Operator

Barden Please question America. ahead. next from our go And is David Bank of with

David Barden

on is quick for talk through, the just Hey you at of just for couple first, end asset? ones. Tom, day, who questions. us maybe Maybe the follow new the the the guys, thanks team of CoreSite up if Rod, leadership And do taking could I a Ric's I then, to question. could guess,

want a to mentioned markets out kind could, what pulled you you that that a was the is guys was America. Could you process follow-up, XXXX? termination some and that I there for that and plausible for believe be business? Rod, of competitive then there that private to paid if to back, coming very strategic some getting kind valuation the numbers Given my pay a last paid it you put very you're I around is fees guess And in would Latin capital stake going of from

Tom Bartlett

directly investment one. Vondran, Rod. Font the mean our I'll Dave, running business, one. is for for the is just CoreSite Yes, terrific who responsible President is the take responsible business, the a working CoreSite leader, of business, the U.S. I quick who in Steve? is first business. It's a Steve for within Juan actually who's

Rod Smith

David, the I'll tackle next and Yes two.

investors private there highly We out in believe the well. plausible country see assets. absolutely from to the is and are side, the the do strategically CoreSite long-term value highest there out it's amongst and Central, center-type capital across East assets that the the network-centric think placed of data they're think creation cloud-centric, I on to that portfolio Coast U.S. of of interconnected, CoreSite that So quality value set yes, the to Coast over and as assets the West within

So globe. into to the locations of of terms towers are perfect in across being able tie lots our the

up through look interest So the it's and that encouraged equity this a very rates as that companies the tying and we that, very tower short-term by transition think the creation in more long-term investors traditional some kind at with plausible. of here fact customers. in there that value assets with number things and compute more as like even and out of power into as center on-ramps, markets of we're are And see cloud I distributed these believe look there value and the and volatility tower of data well we distributed company the

board range said, numbers the fees, as this. kind of in So saying, experienced come that are fees. be absolutely, I interested termination you'll over we coming the yes, what then think time. XXXX, see in in in kind that be million that's way and $XX of flat people But in options XXXX kind well long in of all would period of we'll of on open with with evaluating our it's of termination of terms of through as the the a that really and And the terms

David Barden

awesome. Thanks, Appreciate right, All guys. it.

Rod Smith

David. Thanks,

Operator

Bank. Niknam question Deutsche is Please And Matt our next go from from ahead.

Matt Niknam

taking questions. thanks Hey guys, for the

I Just could. two, if

not come seeing in in if what's just Can about months plans specifically, pivot believe in us to more initial those the any go updates I'm potentially in And internationally. to expanding markets more the the beyond secondly, and overall then that's back the the because can footprint there up centers. to just for has assets, two CoreSite close. wondering on just you there either in broadly, driving the yet post-deal about for to outlook customers. you're improvement give terms maybe XXXX? First, domestically you We're the or And backdrop the region talk playbook demand existing just Q&A. I carrier the of data India maybe one share assets

Tom Bartlett

one Matt, Rod metrics for first talked are. Yes, XXXX and let finish set to stronger XXXX. second me the transaction. India. and take in the into had on center can all small two months business. the element of integration the that all the mean take to looking center to opportunities the it. strong We're on teams growth would itself. of about we CoreSite as business well compared we companies about one we the And the CoreSite into We're Rod albeit create business integrating from even growth we underlying the have a expect the financing process, as we're through the there, you of expect. the moving that's clearly going a scale, data business. as between coming data CoreSite to synergies enjoy we're tower But had, at a I

going So there of are from activities perspective. a integration an on lot

a discussions, worked MNOs. proof amount conversations, developed of service providers, cloud number the the the are are and side, with On significant commercial a of that there being fronts of number customers, different concepts of of types different customer on a through

able XXXX. the their of has. ability positioning And they've be meantime, opportunities building the said, so they I they But that's going the we overnight. the as there within centers look bring to of than to going some And development going growth to the trends And and own greater on really out to on But got. continued underlying this underlying terms portfolio to are some that at the happen have were the data in our are it's growth have in enjoy not that CoreSite the market. year in to vision initiatives

we've we're next to really opportunities the come the about leadership over got in years. -- we're couple place going to that see the So of and that excited team fruition

Rod Smith

around question here. a hit terms of India, in Matt, I'll And highlights your couple of

for think is done up certainly quarters. the so and So of support that environment and you're last the stepped The several quite improving and the bit segment. backdrop aware in segment really a the several shown India, telecom telecom the I last government in has probably -- wireless has the

have In tariff. addition, the carriers increased the themselves

of forward. improve portfolio the to intentions AGR businesses you've a liability probably So got interest their on stake for their some and equity. going they've to Voda, the government recently India's healthier in some that And chose back do's have to liquidity. also as their specifically to seen to go part there, swapping They even fees transitioning of they spectrum it the monetize from and just to their

have improved things, years. of to their kind several balance much And longer runway we are of through So there. sector runway. marketplace subside of and that they've kind the the they sort sheet. we've environment a longer Really, those greatly a seeing the has much seen the now whole churn Because in last over

a all churn is of churn. That specifically, growth, in billings from about X% XXXX. with and we're organic India, gross X% in which over positive X% comes down tenant throughout there XX% leases is to escalator contractual X% to X.X% rate growth. That organic So our guiding

consume The long sort the the lots we that's need early say think term. is would biggest in you are very over infrastructure a lot Indian in to So the of population. see subscribers And really the other development. constructive Certainly, do India large here of is networks there's improvement thing there. there. where I of data more a and marketplace the stage going be They

we of and Tom time back increase we growth in these should changes over new the trying And per India, over growth back the the not business churn fairly there, of that market as of projections. that But in as now, think we improvements those that up in are terms XX% share we're upper that even rate absorb upper and built potentially. And environment modest some So well single-digit us there around guide getting kind to long-term to new cautious all get the the used that get time. positive decline carriers continue once to seen. happens India to gross as to things see that kind that earlier, of for talked rate. that our single-digit they've outlook have AFFO about is growth, of And fairly full still

and India So improve to if there's over years. the continues upside from coming that perspective quarters

Matt Niknam

Very you, helpful. Thank Rod.

Rod Smith

You're welcome.

Operator

is Please our And from KeyBanc. go next question Brandon Nispel with ahead.

Brandon Nispel

Awesome. Thank you for taking the question.

that business You guys us between happening and in XXXX. amendment clearly number differences la colocation us contracted 'XX. is below you expectations help billings million $XXX your à million well and $XXX we're Then of coming more was guidance XXXX percentage I XXXX in gave versus guidance in understand in where your but XXXX up relation help the primary going. could for for fully was that the specifically, could the in maybe carte? hoping to what versus XXXX you and what understand still U.S. year-over-year It's

Rod Smith

Brandon. Sure,

in two. So had terms much an when a there looking U.S. XXXX, of certainly, between was all That Sprint, we a of the back in the way. including was to heavily heavy backwards investing the I carriers, in explosion and through from pretty our time carriers. But to XXXX, want activity to all too revenues go in contributing detail the don't

big a also at it then. the time was back out AT&T aggressively when was building Sprint was And So a FirstNet contributor network.

of XXXX So were kind aren't repeating. those those around things and unique two

the XXXX. half accelerating growth, in that in expect we contracted where back acceleration with see in We into we beyond a And have. MLAs and that even out. do terms colocation we happy amendment XXXX that that are very holistic is lot to again, of we're So of going 'XX, the of contributions continue the

growth. So we have that visibility to

And colocation piece think it a what $XXX question acceleration had? when new The the So was amendment million... entering and to that cycle other multiyear it. of that biz, comes we the of we're do organic you

Tom Bartlett

just... would Rod, I

Rod Smith

to Would you like add on?

Tom Bartlett

kind that of Yes, you new of particular at I you kind going about latter would place. When 'XX, investments. XG was technologies in And of kind of 'XX, just end that add the think see on one it heavy with the piece. would typically 'XX,

But carriers that I clear starting We're early start when stages. as C-band. is to not continues of to hold that the mean, roll really expect of we about DISH sense on be of growth. with in XG very this densifies, be to would what driving even agent time, we out So fourth any we as XG. ramp and growth would see longer. said, up XG. around clearly start kind the and able point back in and similar And just of it Rod start in think get that are my the kind there yes, ramp end The would with Sprint type we'll to that see they hopefully, that at place, into that's now But when develop it's active was and growth obviously, organic up to rates. to year takes we

Rod Smith

And Brandon, the was the I of $XXX million that was your think other percentage question contracted; around in around it's X/X.

Brandon Nispel

Okay, thank you.

Operator

And have Atkin question ahead. next, Jonathan a RBC. from go with we Please

Jonathan Atkin

much. very Thanks

And I more a about driving international. talked on and which in particular that, then question also markets a edge. that for affect contributions of slide have very first up you profile a assets? fiber little maybe of lot across kind come the of a You about give LatAm, XG on CapEx which but bit I if you to wondered from? and the in So And call talked that instance. your related this wondered deck, which lot prospective in hasn't how M&A us could Telxius sorts does lot growth around you color came

forward across XG forward incremental affect affecting at little bit the seriously going you does more assets might compared types that as CapEx in your and So of well to past? regions, look of assets the how going Edge as a and kind

Tom Bartlett

perspective, Jonathan, they've well of from much rolling European out But start been add of and in terms me as can a I clearly, Germany, as XG very let mean where Rod No, Sure. aggressive in coming growth is in. the in Spain.

a pales center take within tower X,XXX expecting to it's States United a tower activities largely in think, Spain going building be, Germany We're out portfolio. driven the are development we're and CapEx But for major customer XXXX. our the States certain really which looking at also the And a I driving build mean, comparison but we're it. critical large activity a piece to markets projections lot are it it to generator X,XXX seeing our well. data even is those There From by a is look on in the mean for in of to another can of our of rollout as maybe we're a a I United lot there. two you perspective, So side. really what in looking sites. assets CapEx at I

about probably and if a continuing trend 'XX of we the cumulatively sites last kind expectations years, you we've XX,XXX have built significant and different. look several for at So is over no that

opportunity the trend as driven regards as that to and world, developed the XG direction still for John, the see and we're years, be several of is an other little of John... in continue the the were best really capital for to if some United tower side driven And largely to projects, out candidly development use trying would outside cases, that XG where and spend to that the But to the for I capital. around and need portfolios so of in again, new our the building on those is very very, new And science or is of there's see the some assets, and we going sites fiber fiber very And many next assets With build-to-suits to they just tell mean minimis. base you I'd it's fiber -- assets, of de it's the I markets. see of small. States.

Jonathan Atkin

yes. ahead, Go

Rod Smith

question hit and the I'll Europe Sorry, Jonathan, Telxius. on

prepared growth organic you So around so number. there. and slides, the upper about That at which single-digit compares Europe; billings X% to in from real we the as drivers saw XXXX X%; in remarks a are strong a the couple looking of was tenant

assets very lot of and no A written market. XXXX. The in solid low is up up X.X%. bit, are the driven are kind structural in the which from Telxius that way the a biz XXXX to are X.X down X.X of from standpoint. around X% churn contracts is are escalators churn the or at assets for Escalators, a to organic by so around We directly seeing so we're new down the up

would basis we're you even our here Germany. at organic gives you churn, in XXX growth Telxius. And can to say, best reduction that back that of in the are really here, X% seeing you growth pull points, But So I away across couple X% in if ascribe A so business the that point of growth out. seeing legacy would that of Telxius north growth Europe. assets overall to the adding still I things the or we're kind rate. of

in we In throughout the of for year and X%, the that half lap lower terms we year be to a after back having do moderate kind full of on Telxius the expect the year. of

but of that about at X% beyond mid-single then in are that, Europe digits. at half being at digits growth looking back So the And XXXX. in we're we X% organic looking not of and being upper single kind

still X% XXXX. Europe, organic all in tenant even digits, So X% market. it, across we're growth in And of at call to let's mid-single that X% billings at we're in Germany, to looking X% Europe looking beyond growth organic

Jonathan Atkin

or it's private criteria to that then standpoint employ you a you that capital just potential when in bring that of any the criteria financial from, strategic, governance on they partners? potential the the whether could would And have table kind capital private partnerships, just terms refresh give a of you us or you evaluate what strategically

Rod Smith

elements here, here. certainly these we'll you we it at still plan criteria, want And beyond keep process. to terms fairly a we well Jonathan, we're optimal on Yes, or working high don't level our do just capital our But when in look capital. the of different I'll And over financial private of emphasize I land any the through because know. let

it's So have us additional as this same exploiting similar we've with around with to to investors did going region moving edge. metro of asset, the or we the the large heavy grow assets. then Because the specific world-class, partner capital that want that of and edge to in the those or assets, around terms interconnection to eventually know and distribution, future terms and in that we a the asset Telxius, of having be this really got wants that mindset that cloud

would certainly in doesn't that we for again, wrapped talk So like the we want there, are at that see and the long-term the investors the table certainly, And a investment. us a get process, too with long-term but just that real about volatility we to are we wanted. we And that's They're talking someone investors not having XX-year We we at investors. equity Telxius experienced to, that vision is excited up table and people has similar in to short-term and XX-year value us also what how that investors. that's like also ways to grow, X-years They're a like to what that. And very really with -- grow. investing. about find

good partnerships a with So fact CDPQ, Europe that I but reasons. the our Allianz capital would in just been maybe very and for other not lot PGGM emphasize the for of has for us, just

around are us always course, take relationship, that important were would in optimistic we things. to -- in sorts shared pleased way we equally be something the value. to be And do seriously. in So it conditions we with governance U.S., the be unfolded. of of something And It's would if and couldn't terms partnership as the vision good and those more has the we

certainly be a be will we'll be criteria table. but on working the that will So through that that

Jonathan Atkin

Thank you.

Rod Smith

welcome. You're

Operator

go gentlemen, and UBS. will Levi And from Batya with ladies come our Please ahead. final question

Batya Levi

new $XXX amendment. What's the should colo provide you. of thank colo year? we on versus builds Two the you amendment the Can mix? U.S., the of new the quick X,XXX million And -- about just year? this think follow-ups. the through Great, how And the pacing mix geographic

Rod Smith

Batya. Yes,

hit I'll the here for So you. first one

looking we're around, X,XXX XXXX, So at for new builds. about

concentrated the region. it's heavily in in India As past, the

at that in through there be we be equal these came the pretty you XX-year will So so, which build-to-suit going The XXX X,XXX drop. in just of commitment going and time numbers and each. are building Europe, region lot period. is Africa a Europe we're north sites X,XXX roughly America around that rough remind is then Latin largest sites range next And Telxius of transaction, in over of And I'll India. to X,XXX with a towers of in to be or the

those across sort it kind but show up actively to through as numbers, terms for which in is the them really they in program our acquisition us kind assets more a we're So well. of an they building of because We're build build-to-suit Orange it flipping way of and building Europe as of assets. comes also

our So the and more unfolding. pleased build-to-suit be working is way we that with couldn't program

which is yields NOI continue We across of of here all to these good. double-digit see mix regions kind the really

in new solidly way But still of track We're I so level, XX,XXX the seeing there's amendments still versant terms more the between bit that in might not get to of that's ascribed split to terms $XXX weighted then Tom we of when that colo question, by terms more the contracts heavily other our builds colos, a much And in Certainly, about industry revenue is million So comes to are XX,XXX the revenue. want and had into your the I'll little try that towards not and one we're to carrier of which talked of MLA amendments fixed kind past. to in but lot of work agreements under our that wouldn't on weighted there's hit be towards in and a the lot the it split from co-location. a A rights used heavy activity amendments that seeing large. perspective. again the to because amendment. not fees that detail is than

Batya Levi

Got it. Thank you.

Rod Smith

You're welcome.

Operator

you I'll to any speakers, for conference back the comments. And turn closing

Tom Bartlett

all well. call. of again, know extent this you news you this Thank any and you here I around a And there's for lot further you everyone, appreciate To morning. much, all being safe I world. very us us morning. follow-ups, stay the just joining the please hope have give a

clearly by the phones are We talk. to waiting

all. So, thank you

Rod Smith

everyone. Thanks,

Operator

conclude for you gentlemen, conference and your your today. that does Ladies Thank for participation.

now disconnect. You may

American Tower (AMT) 24 Feb 222021 Q4 Earnings call transcript