AMT - Earnings call transcript Q2 2024 | American Tower Corporation

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the American Tower Second Quarter 2024 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to your host, Adam Smith, Senior Vice President of Investor Relations and FP&A. Please go ahead, sir.

Adam Smith

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

presentation, under will of the www.americantower.com. a our to our posted remarks prepared Investor have which refer we throughout website, We Relations tab joined President, CFO Vondran, Treasurer. by and I'm Smith, and call and Rod Vice President CEO; Steve Executive our the on our today

questions. prepared our your will the call open Following up we for remarks, .

future performance; not Before forward-looking of and uncertainties. business, India, our a regarding impacts facts. historical involve risks our and including and expectations of for statements India Examples expected our are I'll in expectations these growth, number any operating you include the closing other our that of outlook, the and remind the begin, XXXX our that collections our we comments contain statements sale such regarding statements on sale that of business capital will our matters future of expectations allocation

events from could press forward-looking risk recent future forth be set information results documents to should in us this on factors You in to and time the materially expressed other our report in that forth and affect those described annual aware cause earnings include subsequently morning's circumstances. the contained actual to that we may urge or in risks Such factors factors you those subsequent in and release, set to to remind XX-K from certain the most filed this consider obligation differ statements. time with in these update We Form SEC. factors the we you these no reflect undertake call

Steve. over I'll turn that, With call to the

Steven Vondran

today. to the thanks joining and call morning, Good for everyone

at platforms the and saw validation our of we XXXX. outlook, on to As further the expectations strong of initial strength with business in you year, continue results in our full for revised year see the the can our our across in build activity we underlying outset QX

and focus for will comments thanking operational their expanding I across teams My sales, bringing down world address received recurring on months. costs both the related strategy our and by investors across emerging views excellence commitment we that portfolio in international today dedication the want international to to to of start in recent aim to margins our our to latest markets questions portfolio. from today's on maximizing the remarks developed our and and some

the As international communicated we've is in past, two-pronged. thesis our investment

and fundamentals that the we First, tremendous benefits that growth U.S. driven model from that markets. international hold exponential the across leverage ongoing in operating consumption see such true a performance have in mobile as business data generally

U.S. assets Second, model a by that creating to U.S. as various to thesis types our while for portfolio includes expand involves and on Executing a successful augment this profiles, X in [indiscernible] has potential. investment long-term solving footprint in of expect risk business sometimes diversified our diverse exporting In return and and growth that a we markets geographies. risk: of operational complicated resulted and balance value, financial.

competitive a telecommunications to communities operating sophisticated opportunities consistent network provides and create geography and can development and On on and cases, M&M service to introduce the and delivery In best-in-class we confidently markets and effectively portfolio, demonstrated regulatory to has customers new model a opportunities and afforded new on networks. that our tower Tower, across or innovative expertise operational speed-to-market power overcome assess new clear of reliable deliver initiatives our through in global advantages. new leverage about you front, we've we our American teams uptime builds, operating challenges supports experience. that has as our approach global of serve reputation the a basis best assets I have the the business operational enhance each risks been we that This through shared capability existing tell many

is key synergies to global value of and excellence. This knowledge an American the through unmatched operational platform Tower create brings support one

to capital share these sheet. that you benefit value of under does our utilize where ability derived realize expanded together, we've premium to assets comparable a American global market leverage on little translate Tower I'll market the cost umbrella enhanced taken the of commanding advantages Our a all of When our hold best-in-class the touch a from these basis. which take implied parts new later. from true, actions, And balance to investors platform relative benefits some margins business, and of bit corrective the this to on not drive

our As financial these over I cases, macroeconomic portfolio in underwrote we an emerging has previously this with contributed past about more have, markets certain those have risk those I'm we emerging mentioned action and frankly, in the factors years consolidation guidance savings been that acute controls, of remarks, financial on In several on that to fall debt At standards. had risks global year, say our those including XXXX. what of particularly financial outpaced originally to We've results. outsized talked bad that in to happy the quite market $XX focus results relative exposure over SG&A, our are our markets. care off. of together We're and improve emerging impact our anticipate previous to to midpoint short paying cost of taking million as

XX% reduction across Latin progress on of to to expected focus deployment proactive footprint actions of those and a to XXXX. our the for These over previously market shifting rates commented and raising cost our meaningful hurdle return markets. focus growing Africa We've where APAC strategic also compared aggressively the capital to America, investments. maximizing capital our in efficiency from date, discretionary on we're those been has refined an our the to corresponded in additional Our contributor XXXX have emerging portfolios

or and investments market those parts same been discretionary Canada, capital in U.S. our underwriting footprint U.S. the as over Conversely, [indiscernible] markets capital able yields, With developed to compelling our double in such of the mid-teens than expanded platform increasing period. market Europe we've our inclusive of dollar an our and alongside we're partners. developed more

X/X a on our of can X, Slide as to As in than from guidance. result, XXXX emerging in reduced total allocation XXXX you towards X/X around markets see our the less has

to our our enhance announced that see discretionary underperforming of Mexico we earlier we steps allocation Complementing this to previously obligations exit and subscale trend to our our operations. certain likely satisfy portfolio. year, from our contracted In approach divested XXXX, number down supporting markets. fiber And our noncore global assets some we like You'll India. and in capital continue as pending [indiscernible] proactive

All business, few key examples and market expanded Pro of over for forma we've strategic exposure Additionally, taken years, of will in developed our exposure to AFFO across approximately the Europe. M&A our emerging just actions attributable past a the our the be XX%. our further focus to we through sale markets the India several date. anticipated U.S.

our our on makes As a we is operations I'll earnings whole higher quality, growth those in infrastructure believe communications as actions, emerging result the market better and touch later, investing are deliver that sustainable of a in a business these so and position to compelling.

the exposure of expect whitefly investor However, time. impacts is given our to communications the and to models, the and from financial our further earnings we and quality of relative demand reduce stability markets infrastructure tower emerging the over risk

developed investments focus to on economies. in incremental continue we As

doesn't particular should plan mean that you that assume we that on Now markets. divesting in

continue quality and Board assess by going long-term we're our portfolio. actively we today our created believe priorities and repatriating all that global more is team and flows such as management including opportunistic divestitures for buybacks. expand intensity, full value to regularly operate our capital to options, as profiles fund return to paying ahead, our gross remain manage share to We other our continuing For the market looking while portfolios, highest these the cash margins dividend, and developed and with reduce deleveraging, potential investments

what means our that reinvest of we're going segment into operation portfolios the markets that continued evolve. those retain economic mind, to outlooks conditions focused these on in in forward. With and we international Meanwhile, if growth optionality here's

where in the and America experience scale. for a learned customers period. in with provide in This with significant more revenues from consolidation each growth market growth owning just operating quality end carriers post is competitive our in to earning the volatility Today, headwinds market a [indiscernible] leading and of stable long-term India First, consolidation. our and reduce lesson leading Europe, helps critical Latin from and assets vast majority partner the multiyear highest U.S., over resulting Africa

also growing new and operators. particularly leaders, committed growth market global we come Meaningful MNOs entrants with we through capital required, rollouts to some growth aligning due enhancements have to carrier years but over consolidation, M&A in our proactively our both doing as also to past the smaller our part support is several capital counterparty cases, footprint. profile Tier allocation in network development In or across of remain to result initiatives a not and business where of or may X

standards from for However, case-by-case underwriting any profile, to be will basis. that a potential account on adjusted assess fit this we time carriers incremental CapEx expansion risk the

Next, the capital allows the scale balance global our to high that critical level, us At profitably scale of a perhaps is and advantages. by a value cost more international shared creation operate sheet component most overhead leveraging creates of [indiscernible].

nationwide present the particular, growth. assets to ability we contract critical. colocation limit for enables organic drive our terms is that leading including by view also to scale long-term Importantly, that MNOs as the differentiated agreements activity us we securing to on lease-up In rights that full develop monetize a ability solution go-to-market acquire, crucial to

contract restrictive are that Over had the we terms terms These for lease-up sale-leaseback with limit opportunities nonstarters the past us. monetization. decade, counter

long-term decade. currency our Similarly, help critical underwriting mitigate to last escalators initial be expectations, currency tool has while CPI exceeded in markets over risk the a recent proven devaluation certain to have

flexible the we in the next team's everything for market deliver benefits business global in of delivery cost reinforcing customers, customer approach create supporting our while demand uniquely in operating place, sales differentiated our team the for believe a and we our our allowing to do. and scale focused balance ebbs leaders As of to allows region ability sustained years, Further, To also XXXX on the the we're through service-driven speed-to-market flows to addressing maximize customers. strong we're forward positioned best-in-class remain new growth. departments we model our our internal cross-border for management. each we look to focus portfolio with our to on organic resources, value find have At are in in share several supporting

leverage process in points in the to where and basis we identify technology most areas the further LatAm our of growth additional management From and global achievements XXX expect percentage cash remain we debt the the that XXXX excluding outlook, reduce date. made by XXXX as revenue extending and cost [ a bad To end, service and ] We're aggregate. can customer roughly we of globalizing in manner. our now cost SG&A, in midpoint to in Europe, scale to of business to at efficiency Africa to we functions continued committed efficient

to an last to In our operating have closing, X-plus learnings of a capable that our and of managing developing global to our decades of best-in-class that's support to a high-quality, continue operations are sustained demand going we and actively believe earnings for data we monetize managing the to opportunity long-term delivering growth. business and We're a competitive compelling assets ensure continue growing to well leverage positioned and portfolio advantage. geographies mix serve capabilities continue to

demonstrated we're the have quality. actions to portfolio of we prepared have that our ensure appropriate As decisions make the year, strategic past highest a to over

on we scale of value and a opportunities our on Going over translating can't profitability through returns, returns be focus and expanded forward, growth can replicated organic we that flexible maximizing reinvestment into leveraging and believe time. and proposition their disciplined global capital maximize elsewhere, growth further our provide and flows cash that

hand outlook. our QX With and over to results discuss to I'll it that, revised Rod

Rodney Smith

for and morning, thank you Good Steve. joining today's Thanks, call.

release, robust had press demand driven quarter second strong resulting As morning's performance our highlighted across key we in areas. resilient for in by several a and the this assets

mobile head deliver Given our the in total drive we growth, earnings compelling global returns. and the of half shareholder initiatives into of our enhance in execute portfolio our growth the and back critical trends quality strong management to ability nature year on the our confident of consumption, data cost

outlook, of year summarize the Before I'll QX I and highlights. our of specifics a results full discuss the few revised

remain First, our strong. levels tower activity assets on

performed growth with QX and organic and to with continues segment billings profit QX activity of each than accelerating double versus Services Our tenant XX% of line in consolidated increasing business. for the in our fundamentals that tower of XXXX fuel expectations more over demonstrate gross the strength X.X% that revenues our our of In XXXX. U.S.

strong exceptionally growth signed in second another quarter their CoreSite quarter and Next, record double-digit company's revenue of the leasing executed new cash with history highest backlog.

included to confidence QX approximately we data to center are a quarter, Furthermore, repay our accelerated average currently collection the allowing potential $XX positive continued of traded key Additionally, certain repay realizing VIL we invested fees. Xx us to more the million several capital. reserved majority in U.S. we pre-leased, pathway reverse providing clearing an previously of historical quarters of further in of payments projects Separately, pending approximately largely development best-in-class with approximately in trading total we're the with million proceeds India, India. $XXX have ATC and the CoreSite's the customer. saw associating in on roughly of under with visibility revenue to the XX% AR last the and of over we the monetization outstanding in the returns in associated back trends accelerating million than additional of $X.X the the made billion in In $XX OCDs net process our progress sale

inclusive proceeds potentially accelerated $X.X of QX the received remaining we in funds be and at total of million billion approximately $XXX at received closing. Today, proceeds approximately expect to stands

closing, As target progress anticipate the collections. and touch CapEx. A incremental realized these to upside to items and between how continue costs business we maintenance outlook our second of we make they XXXX, offset incurring on strong SG&A later. through will I the to the half its impact which modest within we

fixed Finally, back awaited X%. execute to used sheet by floating. our our average notes XX% denominated of XX% the continue X quarter to to cost and floating lowering debt issuance highlighted proceeds ratio initiatives, on in to we balance the down EUR The pay senior billion effectively we unsecured rate of

or Turning quarter growth absorbing while over revenue Canada line FX excluding approximately headwinds. from revenue excluding Consolidated revenue X% over growth XX% impact impacts collections associated line to excluding on of was an over improved spring XXX over X. points U.S. straight property X.X% organic revenue straight growth basis X.X% X% second includes and includes churn. an was of and growth fillings tenant currency and X% Slide or International India. property in non-cash negative benefit or was X% X% which the approximately property revenue approximately roughly with fluctuations

revenues and backlog last center in picks hybrid demand the new unabated. as XX% over commence. multicloud found to record architecture data Finally, continues years up X for of AI-driven increased the IT business demand continues over

our demand X% Canada segment, fillings Moving to absent organic by right Consolidated In our X.X% assets of global U.S. the slide. portfolio. was fillings side supported for tenant spring-related our tenant strong growth the were over churn. and across X.X% and organic

churn, a commence our step-down expect before of growth rate relatively We X.X%. tranche similar QX expectation in contracted XXXX final the a in supportive of QX spring we outlook of all approximately as

segment CPI escalated organic additional tenant expected, amendment growth any step-down in fillings moderation and notably, contributions, sequential in most reflecting International X.X% went grow in APAC. as in Our co-location

raise X.X% on of organic quarter in in moving to However, new confidence year we Europe, us growth business another saw I'll modestly region tenant the to accelerating billings touch which shortly. our giving outlook, and full

or FX X.X% of Cash, points straight absorbing quarter includes drag approximately India which noncash XXX period. headwinds. XX%, XXX in with line, XX improved basis of year-over-year while XX.X%, EBITDA EBITDA basis compared nearly X. point excluding benefit associated to XX the Slide approximately basis Adjusted margins in basis grew points a Turning a the nearly roughly points reversals the impacts as adjusted to year ago to in the

cash the management and meaningful improvements model the operating margin continuing in inherent the throughout leverage tower demonstrate onetime these items, cost we're Absent to supported business. by continued

In declined fact, X.X% excluding quarter. year-over-year in SG&A, debt, the cash, approximately bad

per XX.X% by AFFO. the adjusted supported of and high to right XX.X%, Attributable and share cash growth attributable side AFFO by conversion to a slide. grew attributable EBITDA of AFFO Moving the respectively,

outlook, year with shifting to our updates. start I'll key few a full Now revised

a we've to business I off our and through focus mentioned line the of earlier, Core as margin year. rates discipline remains performance cost strong driving solid, First, and and AFFO. start the is EBITDA had continued exceptional results conversion through on paying top adjusted across expansion

our XXXX next are the core the expectations. the for across in expectations prior our year to to see as outperformance and compared slides, key contributing to of date remainder you'll As several for results metrics

India, revenue of $XX QX our reserves off QX per or to $XX we come collections quarters for year outlook, so Next, consecutive assumed quarter. reassessed million over from have having just expectations in solid now nearly prior the in in we've million

across confidence As our in revenue positive around EBITDA half of reserved $XX an driving outlook second I assumption previously to we year the of mentioned an adjusted QX million our together in now translating $XX collections an the earlier, representing is to results for incremental attributable to reserve remove which, QX, million through prior upside $XXX increase assumptions the We of outlook previous property AFFO. as $XX of outlook with compared million reversed have and to quarter. upside, for fully revenue, million

$XX EBITDA assumptions, property headwind $XX of respectively. we $XX to revised million and million Finally, and AFFO, our providing an incremental have FX adjusted million, revenue, attributable

Slide Turning to XX.

straight-line We by in positive are which a decrease in $XX $XXX increasing offset for $XX outlook. expectations approximately net million associated of partially fuel our $XX to of million million compared increase trends decrease prior of includes $XX of India Outperformance a by in collection primarily costs, revenue. of revenue pass-through consists with million, million to an due property

core $XX partially was with between also segments. by unchanged offsetting property Growth million certain remains offset negative Consolidated with movements associated FX revenue impacts.

U.S. growth remain consolidated total tenant for unchanged. and and APAC organic Expectations XX. Slide to Moving Canada, international billings

from for respectively. than Africa XX% X%, However, to we greater to up XX% to expectations and X% XX% Europe have to raised X%, and approximately

X.X%, greater from our expectations approximately In for addition, have we X%. lowered to America down Latin than

XX. Slide to Turning

and of flow-through India are of $XXX headwinds. costs We compared is partially additional SG&A FX prior offset million the upside outlook by driven adjusted expense savings to FX-neutral Outperformance our in property as $XX million the EBITDA direct and by increasing revenue by outlook.

XX. to Moving Slide

Cash, attributable expectations by EBITDA AFFO FX offset million partially common $XX partially raising and prioritizing by certain by split million incremental basis, stockholders share midpoint to the incremental at projects are for the a offset midpoint India. and and $XX $XX.XX. moving $X.XX on U.S. our We in between CapEx to maintenance per the is was outperformance Growth we're headwinds. where Canada, adjusted

Excluding basis to an outperformance was $XX prior as on million India, outlook. FX-neutral compared

Slide Turning XX. to

allocation You'll which dividend approval. Board plans including unchanged consistent, see our expectations capital distribution, our XXXX relatively is to subject for remain

CapEx, $XX investments which maintenance ongoing million side, by program business capacity and capital the to center plan additional $XX development On mentioned, are our success-based maximize XXXX the increasing data of with I in our U.S. for back includes on associated previously we million, sellable record demand. as

reallocated discretionary capital acquisition an Additionally, in towards program, partially redevelopment. we have including increase strategically certain savings offset buckets, U.S. important by our land

capital net to geographies last between progress an business. strategic months. of for over in XX fixed profile each our and risk actions Moving in the to These since our a year, remain flexibility. our demonstrated a translated strategic additional years, approach debt and in of meaningful deployment $X past leverage priorities discretionary target execution spend accelerating commitment a rebalancing issuance the rate to side billion slide, and This pathway towards our achieving and with reductions into the through several markets fixed the successful over improved on floating we rate of priorities, strategic highlighted capital focus the continued sheet is towards the cost the in strengthening together right of focused balance our financial the the start of profiles including disciplined capital across have debt and

reinforcing well strength operation best-in-class believe prudent and sustainable value capital in company, financial XX. our on the a solid organic our shareholder that across year, we the being management focus of and are to our pleased first and of fundamentals to growth enhancing flexibility our business And we growth with sheet our through Turning combined and are positioned to diligent our long-term balance strong underpin throughout the we execution while the strength drive cost with stakeholders while approach allocation, for the summary, Slide demonstrating half through globe. a

operator, can With the we that, line questions. for open

Operator

the from of [Operator Stanley. question Morgan comes line Instructions] Flannery Your Simon first from

Simon Flannery

seeing same you a seeing Steve, M&A the Europe, on strategy are do when kind just you're update properties are I data interesting deals. What give on was was of us could you're that Are to potential little wondering the the a continuing if in comments related bit of seeing night business. markets? centers, how opportunities thanks in you additional of last SBA for how for valuations terms material heavily sort on U.S., of international in approach. you then here, the to that the about looking? other thing talking to invest developed And

You U.S. small done expansion for of opportunities you've inorganic and/or in Europe? tuck-ins either beyond see the the some

Steven Vondran

Thanks, Simon. Yes.

M&A with coming So portfolios to U.S. and available. there of the in some respect the are material Europe, rumors

I allocation on on is, in down And current priorities, any X. out But so would and what I comment focused we're specific there. below won't portfolios reiterate particular, capital delevering very our

give did go this a above up will likely of that X the we Now of as quarter items, result onetime below quarter. some but next X%

And focused CapEx we're on laid we at there. the getting below would haven't X. priorities those internal off point, on also And that priorities. our evaluated out anything capital focused this So programs seen we've us take that other we're durably we've and

just our there's that own that would we're to need be than would today a stock. better we compelling be So for And back buying would as us anything nothing reminder, that today. evaluating buy

opportunities, X just to for that of kind X growth's at acquisition have a So equal we those look an when we plus to sake. growth opportunity for see versus X

putting the we're the So that [indiscernible] in interested portfolios trying in. to what developed very and and we're grow U.S. Europe in markets our

you megawatts everything out that asset anything evaluate comes let we'll seeing that market, to the the evaluation teams any look right lot pre-leased. deploy. of and kind we When existing synergy to give said to give that in fine risk can point price, got opportunities a of it, to to that And today. XX we'll put best CoreSite, opportunity aren't a [indiscernible] just there return evaluating of that on that, on if guys our we to comes us have right group opportunity the We today are know. that us Having CapEx us and we've would XX% invest today for of to that campuses, always changes, our of under is and and that construction it be see going kind the that's

quite CapEx stabilized our we're going going or get that campuses in mid-teens bit feel campuses there's so those a that of to we're in. And yields that confident today. better into we those very investing

Those aren't opportunities ample more well our in to the contribute we to And that did to what so that that's develop, many we so Again, market, inorganic are business being for opportunity that do There think We're And gives that's the we'll over example. X on-ramps and see that a cloud more campuses try come us the asset, to look best model has a us. is that us committed you're we time do to with is returns. small. we're Miami most and like resilient to develop profile, And at reason committed likely try start an something to at tuck-in that it there tuck-ins. some take think whenever business see have can ecosystem and the those. to to in most But We market and one high us you do create premium that, for build interconnection model. hub. if durability And commands campus. time business very the interconnection to we have very that core model. available the a that would invest us. it. our today, performing new if we'd

Rodney Smith

add this what is for data a Maybe and Simon, numbers business. of couple is saying just Steve Rod. the CapEx with center on I'll complement

So things Steve 'XX strength, the program priorities notwithstanding 'XX by the in did increased capital about. we over come decline, CoreSite our talked CapEx roughly for investments, 'XX. the our same on because year-over-year $XXX down we have balance 'XX all sheet focus million, fact investments the of that over and our that has CapEx delevering, Notwithstanding our overall

seeing So we are opportunities. compelling very

but do not program meaningful, to CapEx. mean The are We capital. somewhat. go our to that leaning grand allocate those are things modest, you albeit the and following opportunities And have scheme doesn't we in down best ability leaning deploy we're into numbers see the because very CapEx It just of . the dynamically in.

Operator

Your comes the Michael Rollins next line Citi. from from question of

Michael Rollins

of A couple questions.

where to that what of just unpack And leasing of activity your view and how dividend more geography curious you current relative exiting time? itself a densification results respect its policy with AFFO should differiating I'm to and and can A&T just then of seeing environment may be you're between the XXXX to First, bit some if commentary U.S. hear in types from per growth And the level we of competitors? your on over relate share secondly, and the curious, that amendments?

Simon Flannery

Thanks Sure. question. the for

continues to U.S., we out application XG XXXX seeing their carrier play in in the our We've network. main build to customers So QX a we're increase seen much as over volume driver modest is in continuing be out expected. QX. It fairly broad-based. The

we we XX% phase expand over their now continue driven, carriers, a a is are that's And upgraded one XX%, to years, that as And X. room bit for densification individual new colocations mid-band about presence. and little with would a one specific of our say getting over an it we're amendment have the sites of prior half in now little X further a yet. carrier do one that's XG, over the behind. while carriers still is that's but we uptick ahead other So I still quite to largely wouldn't somewhat although to not point see to There's that lot XG of over

holding do there mid-band With continue we guide, expect the lot there's to that. them respect for So year. out our of continue we to are to and them a XG to to runway roll our guide for services portfolio, across the

supportive risk is term, Now application in services but that it's that guide there's by flow our guide. seeing and of services what because we're of always year in our full a degree near

do of feel still the levels hitting the beginning year. kind the good So that U.S. activity levels we about those saw of at we

publicly. carrier projections of I a that's And billion with line are is they've to in of of development that this is said phase kind billion spend a right in think build. we that typical believe $XX of capital level supportive $XX what again the

drive demand that about uptick seeing good the patterns the is we're to more we're pressure letting at them to that's in feel And networks, we we're continued demand for those think also And usage see So on that to and XX% of continue uptick. by put the cost. produce It's to networks. and that on going gigabytes consumer working we seeing the lower XX% consumer U.S., carriers. to we're going seeing XG continue continue to drive the

So we continue things of that, fixed densification the seeing to for the positive compelling and we're will that to we're think proposition and like some phase of will addition that be to build confident the in and XG wireless grow build U.S. that, come. ARPUs and to trends market a that's continue and very with going business them

Sorry, the dividend question.

Rodney Smith

the Rod. for Michael, is Thanks question. this

in the regarding call dividend, of the That was on flat our as everyone things held we. dividend XXXX. knows, one So that we really many

[Technical Difficulty]

you. Thank Great.

I'll Thank is start over, This Michael. you. So Rod.

putting becoming focused in actually our more in our expenses and environment. focused around the things operational reducing margins, floating We're rate program The the everyone to many hold to to into sheet X efficient, growth, do reducing focused holding backdrop, expanding the direct SG&A into organic the leaned debt we that -- that extra funds was and the behind we flat and driving on reasons overall costs we decided reducing favor really growth. balance organic we macroeconomic uncertainty reducing into regarding dividend giving on flat. had the investments, rates, call the CapEx CapEx to the And of delevering growth. knows dividend, XXXX, chose it and we controlling delevering. on given that decided So that exposure dividend was strength, We're on as really

that we're and AFFO long-term that did. per X time. growing XXX% equal everyone I about an too say many with you I remind income. forward growth early line distribution dividend our That's see So When target of we over a and pretax about would or was income to that a point. things that guidance our we beyond share of course, average AFFO into you important it's From beyond. on to in pretax talk about we perspective, XXXX, think for and going of specific REIT, would

growth can AFFO in the about well. share. doesn't we believe and growth of the dividend the But rate terms rate up you the pretty period and over multiyear of average, to it and the will match mean will match AFFO on trajectory every a being That think of trajectory similar year. that per So single

and dividend policy the as overall needs deliver. always, return the piece the of shareholder our respect look dividend meaningful to that approved to a by be Certainly, certainly. And total with Board, anything dividend is to we

seeing the of XXXX we're the would So that's what think dividend that way we numbers kind would based on growth about in in resume beyond We expect it. the XXXX. going

Operator

line Raymond Prentiss Your next the Rick from James. of from comes question

Ric Prentiss

the should would status close of to committee Couple questions we think the of on process? questions. And how A couple money and about that through you left nicely process long it that at on India Thanks for in take update on collections side. transaction? get then of how the would the get to the . competitive closing, my approval India what's hand

Steven Vondran

we At update We're this half that. no approval. closing. Rick, is year said of second is it point, consistently the we've waiting on the And what for there's believe still

So do you that that's X weeks closing X come frame. I'm But that still not afterwards, hard expect to afterwards, could predict. of to in that of getting anticipate time when to we in that relevant in terms It's occur kind sure out. And time I going think in somewhere frame. to

Ric Prentiss

a just purposes, for probably. month probably the X to a Makes accounting tie and quarter or sense, it

Rodney Smith

it If how Rick, exactly see probably we we have unfolds. that Yes. we'll would, choice,

Ric Prentiss

Okay.

update competitors, is suggested way by as behind on at obviously, internationally those thanks mid-band deployment with varies your of XG helpful broad is deployment out? in that's carrier. there spectrum update kind sites that U.S., Any some the peers Internationally, it the the half . any international of and of to kind of how see Second least kind question, for over the stroke numbers? whereas

Steven Vondran

Sure. I'll that. little a color bit give of on

geography the that it depends think you're I on in.

at of XG of there. large to able the Europe, look been they've you If deploy population a proportion

of most to. spectrum XXs, Germany and I combination Spain think mid-band XXs and for That's part. low low a high and the

nuanced little a terms we specific of in of have continued market. there further percentage that it's opportunity in the other. care in still bit deployed stats there. on a a So don't I more there's to bit get the the have runway ahead And France, it's because than mid-band X XG mid-band little of

So it's a little bit of a mixed bag there.

their still we time. When XG focused quality They're XG nascent over some network some there. seeing think especially the networks, see and population the augmenting improving of but centers being deployments there, those pretty you that the still over in are where do you time. you'll look on major deployed Africa, at it's But XG cities are

bit So other further are occur Latin XG those and in upgrades have some those there's been a runway most Brazil a to markets in couple of a still markets, little In America, XG of the deployed Africa. that's little you bit there of behind. but for

in In getting XG there's delay Brazil, in probably nascent spectrum deployments XG in I'd carriers. of the even say it's many been terms markets, And hands today. in a the the of of those

is of been of a carriers lower and that delayed, that there. auctions is the pushing some price Some for it entry have

so that to out see play see think continue over as there. I we'll we opportunity And time,

the the that's incumbents Brazil that's The deal there they together. the there integrating and assets are a in networks depressing happening oil as thing combining those bit and is other integrations those little bought they with activities still

behind we of view kind markets say of deployment the little international the way markets, I'd that with they're developed XG. a it's the very bit So consistent the

but to those and XG deployments cheaper lot there. there, of deploy starting delivers, see they markets are ahead where it green seeing we're that We sheets gigabytes some to need some there's of some runway in those a

Ric Prentiss

me. And X Great. last for

side, but drive decommissioning how running think of that that. how it's that get towers is and towers doing benefiting I things cost that's maybe what are Sprint cost the to the just with of of in that's and on on little update once a to they Canada, decommissionings management related them, you're like helping kind decommissioning X maybe U.S., the off significant about naked we some site forward/ should looked It think

Simon Flannery

our Rick. our cost goal And enhance addition in SG&A. in is savings profile looking Thanks, terms to margin management. to We're everything of cost direct Yes. by at

where what looking seeing OpEx We're near-term don't think is that would save So that see you're are to on right. you to there doing we activity, the those what's have what going those expect. . and we portfolio and we underperforming exactly assets at are decommissioning

are on there. other touch elements. So the Rod, some want work you some to do we doing of accelerated

Rodney Smith

there. just Yes. in I'll add

I the think about sites In just and in XXX see the terms time. managing We up in down LatAm, we cost. without to we took We U.S. it of numbers pruning And to decommissioning, from on you'll portfolio the XXX. the in there, sites and doesn't work, down That's and the about portfolio taking took those time lease we'll end save tenants to them here again. them have certainly down up if normal try

ground some our only a in tax, So it's was that leaning only brown resulted driver, escalations leases we're seeing was but things not good. We're CapEx, the with in our certainly -- which is driver. and doing property land that rent a reduction certainly it's also investing not onetime reducing expense. into In the which lower We're good.

capital area that's and to opportunities. we're where So another the value-creating accretive most allocating

based rents on land lower allocation. seeing capital we're So

So into cost reduction. that there's a that number of direct playing are different things

Operator

line Your from of next from comes question Barden Bank of David the America.

David Barden

that. another activity. on a the of already would big But to indicator as is second kind course understand services be the service is yet has about still quarterly I revenue Not half the So thing, basis. temptation and same you guys a levels for million, accelerating through then into But year. of everyone, as it activity extrapolate the leading that $XXX leasing that implies made guide this M&A bold assuming step-up the it, seeing I prediction the think, the all contemplated

[indiscernible] activity So MLAs, not might this of the by model, same but sensitivity. might see kind leasing, foreshadow that you of some increased the because

AT&T renewal So if signed a XXXX. guess in the you then quarter. perspective? And is X-year term, a not I be you for it's could third Theoretically, going or kind related that of to with holistic if validate coming MLA it's September guys up that question the in

of kind bit durations the You've about these I into shorter was holistic underlying means that could than half second in outlook business the your highlighted typically MLAs. what and if XXXX? you have core MLAs for a talk little wondering far this

Steven Vondran

Sure.

the me services of piece Let that. start with

what was XX% is QX QX gross our QX. XXXX QX So about about our up was from margin twice services our and

pipeline from full our And services that this So to business. there's hit looking the track on we're again, in that. seen we're couple that of and we do out are past, are at in we we've acceleration on risk believe that a seeing that. services that the in to a And again, on guide today we're at teams pipeline, play year point times be services our confident track it to that able but

our MLAs, to respect disclosed customer this year. earlier what that the one MLA -- off is that we've we With what were we rolled had

that's years, on specifically portions comprehensive it's Those beyond that X an because haven't that over time, a And typically not where so growth get different can kind range have that anything idea X are. are just on smoothing so pretty dependent of of of you that clearly, use-right think that underpins X little doing. where we've those. bit do off X since And years. talked customer that's I we that volumes But a out is telegraphed to about we we fee that that. There's the we more really kind of they're customer

we of be makes will We And in view agreements. peaks long-term these of there activity so take And The sense, into will. agreement a with of more bit holistic getting that. we're way them. terms and on if little either fine another a instant valleys type work on

the does, over of the growth drink, it's it kind And confident point. in have our XXXX that They by early the if major and to giving of portion activity still to underling We'll time, into to we we're portion how do we we like holistic that their and don't We activity this but stay a and ability carriers. are at that holistic we'll growth respect off But too do the who pay always expired. MLA, organic that guide With agreement. of February, think our way. up monetize is do. be we very the see in by have in customer the is the translates one terms encouraged

continue, And volumes a so that's if positive. those

segment, and vertical seeing we market We volume smaller on and also we're good dependent are also and have there that's that, timing as our customers, which what well. very much activity call on

XXXX we of we're comprehensive well our look about as by from locked and in that's out do When contractually as escalator we XXXX similar MLA of to we X%. see what via that. in have level So encouraged for the growth a growth into future, consistent the

churn QX annualized The about elevated a spread side, year. rates to spread that this our in that's commenced impact growth see rate. of million will churn tranche in XXXX, $XX through monthly of of continue final we're churn. of the level year, QX to On going of run next That

of the MLAs. factors terms Again, kind not there's X markets. that in swing of terms locked the a the portion of carriers would in X I the that's In XXXX, of growth you see of conference of vertical and via the big mentioned

So that's a factor. swing

in timing the from approved deal We also of event U.S. have [indiscernible] is closes. potential couple next our over the and eye and that scale the churn of any on years

another We'd modest, up but or conference like. would signing expect some potentially impact the and that number what pressure put timing scale churn MLA of be could another rates temporarily. to we that also agreement And end looks knows, the on the that overlap of who could

we factors February. day, supportive guide. a can't have at for and growth the we're we end why But there's going number really confident of that the our still until to continued XXXX, So swing guidance longer-term of that's give of we're to get

Operator

Matt the of next from Bank. Deutsche comes line question from Your Niknam

Matthew Niknam

one question, follow-up. One

M&A that does follow-up just that bit First, XX% today. spoke over Steve, strategy? a AFFO markets then see of about And maybe time? uses in Rod. up share going inform per making roughly And of for emerging discretionary your Where little a how you do you capital forward

you If nature to or the that you if not? onetime in clarify just can taxes quantify benefit in and property the saw it's quarter

Simon Flannery

question. the for Thanks

pro just the for transaction. clarify XX% me forma is Let the India

as So more conditions, us market . the start given at the we today. we conditions roughly a away the we'll given that's Once choice to the little the what seeing, particularly And seeing a we're be FX today. transaction, exposure kind XX%. look in higher been economies, some that macroeconomic close new emerging bit little those headwinds pivoting at into macroeconomic bit the we've from of of

the to that for down do we our meet we that to those the emerging will focusing us something quite expanding be, is CapEx desire thing. on our are anything. it what an markets MNOs in we doing kind sense have a markets. to toward to of doing But that that it not said should We're given done in X our market pivoting developed do reduce markets. we economies. reduce a We'll it over discretionary where do going set Tier if haven't that return our emerging make for those where So in continue What markets. markets. that line time for by Having CapEx that day to to, of few terms developed those time. trend emerging We've is criteria or think in support That's transaction some will it not and exposure see we're been has you're will market exposure continues, we percentage but setting years, investments the makes This to bulk it in sand where a think CapEx out over discretionary market that, markets. the appropriate looking our expect they the more new isn't the a we likely or years been several developed work and of now. those down double of to last we And --

Rodney Smith

here. Rod Matt,

we From in to a high EBITDA, may So about adjusted rate way what things. accelerated the as contractor talked of entire you And you driven be X/X gross of other like what there's -- the may think XX-XX nits and of land nature. a almost $XX mix improvements that by was things with record see tax that way to that management on improvements it margins. operational property think line. purchases expense the then can cash in terms Things other the think that level, and roughly as lot we that e-com as of is in charts, benefits of much the or piece R&M about there. of going outlook and the direct well just all of But nats is about run on accrual. X driven onetime a be on the is we're benefit and showing a million The and as roughly when that, section through of about around just some do kind

tax million of as cash versus $XX it was think whole roughly going onetime the thing. onetime durable XX-XX roughly in So improvement margin, X/X gross and property benefit reoccurring forward. of And the of

Operator

question Sachs. next from from Jim Goldman line Your comes Schneider the of

Unknown Analyst

you they a then assets where also quantify maybe stand investment. likely be in they concise emerging multiples were the you more and and relative secondly, fetch Can what whether they able clear for And consolidated returns are delivered broadly of pretty to to are you delivered Steve, on, for dispose theme higher portfolio noncore if are international higher around the today? where in speaking, for some market? optimization. markets a returns market your you on inhibitions relatively emerging particular, Can message us higher markets, to the rates strategy maybe just comment of you'll and organic the hurdle those

Steven Vondran

the second. of Sure. We are you looking always I'll hit can to the our Rod portfolio. manage that, first actively part get

always assets Board to value. the say, management to management. and So shareholder our best long-term our And the what's the under going look and the regularly looking at portfolio review team we're create

And it. to Tower I of in prepared American little so my but a brings I'll some remarks, this on reiterate when the that think benefits about bit these portfolios, you touched

operational amount we have of optimize operational It us business across the best-in-class globe, the excellence excellence margins. drive get. new and that We lets lets us

Tower. So the organic growth is better under American

that a lot than And we so create can. those are umbrella believe assets more our we that else value for under anybody

at somebody what it, divesting we with do that we look . value, create more hold can India. true that's we Now would that doesn't and where think if else

the do think keep this But the is when we there. assets. disposition at at do would So do factor more of and about growth whether gross in if organic think is the that on is desirable that And to we margin of that cash in the continue them continue and umbrella, disposition under considerations our be we create the we operate a more we the it. absolutely, and can we on way ever thing because operate to assets those that revenue that value going a the it's point, to more flow created price we've best decide more focus point, one valuable than to continue

that's now, decision is. where right So point our

we'll But and maximize to always we'll nimble be always value. long-term the to look

think we and some are businesses there about. would Now some portfolios subscale that ancillary

somebody maximize thought did fiber. because could business If we it couple better. at look years, one Poland, divest subscale, the you because else what over of the done past other we've we did that Mexico We divest was

of And the so process about. sense nothing portfolios would look we I when those no any the and type you would announced in term. in that of thing at to portfolio, that's our point there's of make some think think today we that overall scale short But we've

Rodney Smith

on hit just I'll question. here. invested right return Jim, on your capital

So NOI one out the point is vintage. U.S. right terms in yield we here the the I for dollar at give would in disclosures thing start do

yields One So higher there. would but point in terms you're dig of into I that information emerging the these probably the think than thing dollar at markets. when U.S. interesting out that, that, a lot in you've are U.S. I is seen looking NOI there's typically

to for just not other need region, because talked by about, Steve specific. the course, risk-adjusted investments, country been as requirements, of So been have return and And build-to-suits but that's and case. we, that's deal per they be even

spread we So a risk-adjusted an require additional do spread.

of portfolio. level above over cost that require will for see even in either spread that the and we Sometimes over the other calculate could meaningful a we that country capital be in market to things or the that, detailed compensate

that So the markets, look time analysis, that. certainly when teens Certainly, would upwards, looking at analysis above certainly upper But the when would the that emerging over you'll would and NOI you be at we're heading target places like low yields see to shows the XX% is the think key. we up. all we in here teens over go expect vintage you be about that certainly in and them time, Africa, that where

us but the even can when looking for then north about So and at returns. And of high teens, speaking, the be end even broadly on XX% heard think you of Africa, you've say higher it depending country, we're before, high higher. that it

Today, on invested look on our that. But return region assets. at across the you for as below invested are return we're if But the reported, in mid-teens capital capital. these we're long-term

but there rate maybe north assets. from not of position, margin invested necessarily on programs, we on but all going capital. that when invested get Africa, we drive to And these combining up at the us while CapEx on more LatAm in beyond teens disciplined requirements our the are a programs long-term And capital So growth, driving for mid-teens, that and our return focus maybe have it And comes meant low driving similar. be little India XX%. again, to return SG&A operate very is are we a better LatAm way expansion efficient They're being to even super really with so The markets, organic that, CapEx coupling of including lower reach hurdle the can it. are it. costs even the a

of we've amount acquiring you over recall, last So a years. may the building fair and there done several

in fundamentals In Europe, underlying underpinning drive bullish execution in in across Africa in the the business about focus really accelerate term. in 'XX we billings course, invested we're very that. markets, on So plan LatAm operational We we're Europe the acceleration these just the these we 'XX. the an the returns assets, that and But are business, contributions talk of in and not long and the business help to and over the tenant long-term these seeing excellence on U.S., results very are capital or again, on new operating fundamentals actually good. but organic and that,

positive addresses the question, Hopefully, sign. Jim. So that is a that very certainly

Operator

from comes from question Lubechow Fargo. the of next line Your Wells Eric

Eric Luebchow

on I center Great. data with the to segment wanted CoreSite. touch

highest you mentioned had bookings your You second this quarter. quarter

what performance workloads? or AI demand you larger tied like opportunities the about looks is you it related to there? or Is could talk see either So to traditional -- enterprise kind do more footprint cloud backdrop of your more

Simon Flannery

the demand to And long-term key deployment, we're I'll cloud issues. markets to a seeing from different scarcity a there's that in we we're that continues demand But driving that's our a be for customer business. of very question. in. who are lot hybrid leasing supply tail separate We're base long and deploying that of address technology. of hybrid I'll broad-based the of demand Thanks sectors. see Yes. CoreSite Part that, in enterprises address then cloud some a of

facilities, anybody when the And wants helpful for in to CoreSite who customer in customers that a hyperscale just how and to it's ecosystem. are to scale me why little to. lease we we our their talk about probably lease build mix. space lease lease to our space of bit curate particularly at want doesn't just pretty to we we looking help that's available, that's we're selective who terms And

is so help type hybrid perfect ecosystem. that of customer the And build cloud to deployment that

We interconnected is highly like CoreSite are of seeing ecosystem content is inferencing generating. perfectly for demand it the AI that from AI layer and the AI distribute our the because suited helps

We're that of in all of lease there. the to not kind do we're we space. do in customers same that. see being some recognize so We willing who And are terms in demand built to selective that

hyper scarcity of reach we're we're to a lease And then are lot who they we a a expanding expand we our to long-term what's you. to business demand those the primary from continuing just cloud good But for the enterprise there. and So of there, to little there deployments, bit that their leasing but the with general base, driving is serve who that as we're already overall continuing to have supply people customers of have drivers needs. plans customer core want sure partnering that make

Eric Luebchow

Steven. Great,

follow-up Just for Rod. X

path the buybacks. deleveraging touched the and potential You for on

any how into when it's versus or a kind reason more that you may tangible. buyback early look whether variables at keep little key cost in what to of any conversation other the . we -- the of look 'XX, As when yields decision, implied capital become variables may in and AFFO mind

Rodney Smith

good in off, we about a I X.Xx Yes, it's question, the say, Eric. would saw levered. first -- you numbers, we're at

Our stated is range X to Xx.

to QX supported to do nonrecurring We'll X.X to We're tick and at that. QX said, QX. helped at the leverage onetime for materially back some by or expect end also below Leverage about With that up of we're alluded were and Steve benefits. this So earlier, we Xx or Most goes. right this get and getting that that that are towards X.X the next beginning will half year, if second X.X very But on we confident to of driving during there. QX of the where path, year. QX. likely not see we very the and we're

looking to asset. of deal So with we'll Steve some business a of a by in our the programs, prepared as Q&A. and can flexibility very but capital delevering. we'll that strategic on specifically things manage our his financial deal, remarks CapEx by country, all the hyperfocus we kind as that We'll in outlined there's be of we asset including some invest be in with without compelling and in And not do country capital And be our of by have allocation options, general, kind in that, disciplined. position the said, at though feel

So very the programs supportive total shareholder CapEx still much are of returns. long-term

program invest, -- it long deploying shareholder when So that's has it the an an There value are buybacks, more CapEx comes over on delevering. it or being we buybacks, than be or very looking M&A evaluate. of opportunity across create that to toolkit to towards own opportunistic be the to term below at growth one too, of assured, continuing stock at just well the and we well. important, our shares yield that. have or debt, cost terms as we'll above doing the buyback in when comes a it and simple returns look lot will be rates we'll to the of day But as really a beyond rest disciplined in ways we certainly looking to are But share of where you longer-term be of that as the our buying as one capital board business back the will be we'll work allocation options it at

Operator

comes the of next Your Del line Matheson. Moffitt question Deo from Nick from

Nicholas Del Deo

Yes, first saw CoreSite, with footnote First, Denver. launching in Raleigh. I Stonepeak to your data also a And center back you're that think aggregation a I JV going planning in edge you're

those you these years? can projects more the the deal talk expect about in structure Denver you're should the guess, I like whether So hoping for we with and achieve in to what rationale coming projects,

Steven Vondran

different projects. Those very X are Sure.

So Raleigh. I'll start the with

little really So CoreSite. U.S. tower working bit needed in. that And is done the continued on our Raleigh edge are is was working being Raleigh by edge, on enterprise them that more market. There's low play we a applications. we lot evolution as data center partners with sandbox And various to a our a of for It has a with the power division, costs. of there work good

kind serve it's there, so And us we we market start that are to we think place there. think can of we a and demand good that in for seeing

get to there's expandable. power, a we tower so That just were site, a fiber. location great there's easy on us. access able It's to is was It land, for one

see plays edge, part our visibility Again, of and we'll so do over on have how that clear that's that time. as out into well. we some experimentation the And monetizing

benefit that's having makes of that a So a sandbox money.

The DEX. second one,

ability open while So a This center the really this minority what said over we're is have effect gives partner different. time do yet. in to campus presence to first a in where data build where is time. small a Denver, little a structures we over And not us our bit is it we're Denver. a purpose-built we've it's And campus

the capital of that doing cash to not Denver capital-efficient in Denver, start that to campus partnership our we're partnership way development. current to current we're CapEx opportunity have for and customer with to that of to demand our -- meet advantage a the any flexibility for in So a to we that partner that ecosystem it us. that to the our our And that and flow we're and support utilizing strategic have the that is for and to that is really reason do the particular facility, we taking redirect fund building happy in program

right enough That And is so build other to we that parcel think buildings. structure large that's for facility. the

retained of CoreSite. have ownership other those in buildings We

of if that's the we X decide other data over ecosystem ability to the XX% that we to campus, to the CoreSite's facility likely so to built And People you're Stone future build do if private own an that back XX%, that with buy thing be in structure right there as we that's it's CoreSite. have today do seeing being And done there, would in the as centers pieces similar do capital Denver. first build And what time. going very partners. we -- that developed is we own

Nicholas Del Deo

Steve. detail, Okay. Thanks for That's great. the

emerging prepared Second, towers? it towers? at scale? by value versus measure of Is how kind just In turning you said when you overseas. remarks, scale driver country. a carriers your most share define and scale top region do of you look critical back of towers. to creation Is of guess, I number to that it is given exposure the markets it Is

you of that any interested you're in for? Just understand so looking on kind can better what front each

Simon Flannery

situation a At #X in to scale at company in. #X you level, relevant your strategically your independent be customers. tower if want Look, Sure. to broad a you or level, the high can. That's means market, being ideal a be to

without national negotiations some have you're scale could leverage enough with So localized to scale as the having relevant long as have some the you there. in customers

really so we how And about that's think scale.

can of human those in leverage markets but where subscale, we with we're And the I is markets. capital in scale other able leverage. regional by mean to we we're We have some those markets by some under what operating parts have that using those scale serve of

helps So nearby. we us you really larger that's naturally And a might scale. some that's returns market. subscale we're in get even country operate would better a It there small that getting a from in get how operational country

overall, -- do X think we the a market about with in it's to different want they the America, that's adequate how little well the we terms in end have market #X the customers leader be our if in. of it to different Africa, all we you over because bit But at independence, day, where of the we're in overall. get. look captives markets are be the like in that in get those In we it. But of sites are you of relevant the bit at to felt to have have synergies kind or of today. But sites about XX% half markets and scale dynamics A Latin the little cost we're And leader. the lower Europe we strategically that

Operator

comes UBS. today from line question final your the Levi from of Batya And

Batya Levi

you're Can to growth. trajectory? revenue visibility growth the follow have Comprehensive strategy growth you Great. with helped MLAs about could good up to talk also implement also if that change cost And control. wanted solid domestic provide seeing same internationally? opportunities for and on the AFFO growth I

high of for FFO next years? trend put on and in just the you think a we're FX back do growth that rates you side, for fluctuations few If single-digit

Simon Flannery

the of part U.S. the We've are in Sure, being I'll using take further more conference been touch some in counterparty into U.S. on there's the before, haven't the we some in those much The about the uniquely the one and understandable take to concern -- and interest them. can leap MLAs because have right first learning now. about about side, on But structures growth. to Rod MLAs the there's contract internationally pretty they markets those talked partners that the about the that.

benefits the So understand talk customers our we've of them to that. to encouraged U.S. to

So predictability deployment can parties. again, us side. I'm It vastly the value gives hopeful of gives revenue because, the simplifies create that It for on we customers networks It both cost customers. export by their on predictability side. those those the the

. our Batya. until hopeful I'm now, that right announce they talking international customers and it but embrace will none with that, them to we'll about continue do, So

Rodney Smith

take here. Rod Batya, I'll piece.

you drive growth. AFFO fundamentals to by about the start of share in off per think Certainly, when built the we've I'll So believe around with our It starts growth. ability the we really saying portfolio globe. revenue that

a could very the I'll give you answer answer you I give to question. short So your here. medium

organic in demand So that in share in Certainly per tenant see OTG, support the are growth. line long-term billings we think guide and our previous continuing activity with way to around about X%. U.S., on growth that we're levels and bits drive AFFO the the and that pieces and

say the supportive seeing to all demand markets. in growth, business heard the us we long That's really which we're very certainly Europe, is continue And new for a tenant for see You've our and is international kind basis escalating points growth towers higher we maybe over emerging does term billings that U.S. organic to good. couple than deliver front hundred that the have of center. by

maybe heard we you build many in you that overall as nice as -- been in really our very rate several outperforming but used have opportunistically accretive to you that do CoreSite, for to from is we continue quarters, as disciplined, adds Steve expectations build to, growth we and and see sites And numbers sites we see. our that's growth and and to rates, revenue. very to not and

you're of in we're in And controlling on margin X%, terms the call upper So X% in growth, or focused it expansion, all that then million down you margins and single gross revenue SG&A digits the margin put this direct together range. that well. decline last SG&A, going get loan year-over-year around into cost range means you year driving is as $XX up. That point. the that year, somewhere

control SG&A and those So supportive cost is accretive to growth rates. also

our everything we've and that single-digit deliver on this the globally see, things potentially the the think globe. we business towers the could really that about is all fundamentals So upper growth AFFO when done strong towers in for you and around

time. control, a be then it we this $X.XX from have just need a be things we in negative could pay under maybe positive, could or certainly specifically, be guided. same during could the to of previously India attention do down, down, up, which positive are will you are of rates of could thing time very to we basis. dilutive, could go year That will these per negative. very lot to we close second interest sale, out of some half that course, $X.XX FX, that slightly to, and about the Now on watch the up quarter not watch, our ATC be like go And or could go confident particular,

from might $X.XX it of October, then tail the year. see into next you'll that. So close dilution early if of see follow-on that And $X.XX or kind in you we

per here the are flat or performing operationally growth. could deliver FX that that assuming But fundamentals rates interest single-digit eliminating share absent well is interest upper rates flat, very assets AFFO have of India, portfolio ATC a and the we are with

Adam Smith

for All call the free Relations out Please with reach team everyone, to Investor again. today. right. to questions. feel any Thanks Thanks, the joining

Operator

using Ladies and your for participation conclude conference for AT&T gentlemen, that Thank your today. does for and teleconference. you

You may now disconnect.

American Tower (AMT) 30 Jul 242024 Q2 Earnings call transcript