Q1 2025 American Tower Corp Earnings Call Transcript
Key Points
- American Tower Corp (AMT) exceeded initial expectations across property revenue, adjusted EBITDA, and attributable AFFO per share for the quarter.
- The company experienced its fifth consecutive quarter of sequential increases in both application volumes and services revenue, with services revenue growing over 140% year-over-year.
- CoreSite business posted impressive results, fueled by strong leasing and continued processing favorability, adding 11 megawatts of capacity.
- AMT successfully closed the sale of its South African fiber business, marking a key step in reducing its international fiber footprint.
- The company has a strong balance sheet with enhanced financial flexibility, including $11.7 billion in liquidity and low floating rate debt exposure.
- AMT is closely monitoring the global economic backdrop and potential implications, including foreign exchange (FX) risks, particularly in emerging markets.
- The company is facing ongoing Sprint churn, which is expected to impact growth in the US and Canada segment for the next two quarters.
- Despite strong performance, AMT is cautious about forward-looking volatility and uncertainty, which has led to maintaining a conservative outlook.
- The international segment is experiencing low single-digit organic tenant billings growth due to ongoing churn, particularly from Oi in Latin America.
- AMT's guidance remains largely unchanged due to uncertainties in FX rates and potential macroeconomic impacts, despite a strong start to the year.
Ladies and gentlemen, thank you for standing by. Welcome to the American Tower first-quarter 2025 and this conference call. As a reminder, today's conference is being recorded. (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.
Good morning and thank you for joining American Tower's first-quarter earnings conference call. We have posted a presentation, which we'll refer to throughout our prepared remarks, under the Investor Relations tab on our website www.americantower.com. I'm joined on the call today by Steve Vondran, our President and CEO; and Rod Smith, our Executive Vice President, CFO and Treasurer.
Following our prepared remarks, we will open up the call for your questions. Before we begin, I'll remind you that our comments will contain forward-looking statements that
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