This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

American Tower Corporation Reports Second Quarter And First Half 2012 Financial Results

Total revenue increased 20.2% to $1,394.3 million and total rental and management revenue increased 20.9% to $1,366.3 million. Total rental and management Gross Margin increased 20.8% to $1,045.0 million. Total selling, general, administrative and development expense was $156.4 million, including approximately $25.7 million of stock-based compensation expense. Adjusted EBITDA increased 21.1% to $928.2 million, and the Adjusted EBITDA Margin was 67%.

Total rental and management revenue Core Growth was approximately 23.6%, and Core Growth in Adjusted EBITDA was approximately 23.3%. Please refer to the selected statement of operations detail on page 14, which highlights the items affecting the Core Growth percentages.

Operating income increased 22.7% to $544.9 million, net income attributable to American Tower Corporation increased 30.2% to $269.5 million, and net income attributable to American Tower Corporation per basic and diluted common share both increased 30.8% to $0.68.

AFFO increased 19.8% to $624.4 million, and AFFO per Share increased 20.8% to $1.57. Core Growth in AFFO was approximately 22.2%.

Cash provided by operating activities increased 36.4% to $762.9 million.

Segment Results

Domestic Rental and Management Segment – Domestic rental and management segment revenue increased 14.0% to $960.5 million, which represented 69% of total revenues. In addition, domestic rental and management segment Gross Margin increased 16.0% to $779.4 million, while domestic rental and management segment Operating Profit increased 16.2% to $738.9 million. Domestic rental and management segment Operating Profit Margin was 77%.

International Rental and Management Segment – International rental and management segment revenue increased 40.9% to $405.8 million, which represented 29% of total revenues. International rental and management segment pass-through revenues increased 42.5% to $104.0 million. In addition, international rental and management segment Gross Margin increased 37.2% to $265.6 million, while international rental and management segment Operating Profit increased 43.7% to $222.3 million. International rental and management segment Operating Profit Margin was 55% (74%, excluding the impact of $104.0 million of pass-through revenues).

Network Development Services Segment – Network development services segment revenue was $28.0 million, which represented 2% of total revenues. Network development services segment Gross Margin was $13.9 million, and network development services segment Operating Profit was $11.6 million. Network development services segment Operating Profit Margin was 42%.

Please refer to Non-GAAP and Defined Financial Measures on pages 6 and 7 for definitions of Gross Margin, Operating Profit, Operating Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Funds From Operations, Adjusted Funds From Operations, Adjusted Funds From Operations per Share, Core Growth and Net Leverage Ratio. For additional financial information, including reconciliations to GAAP measures, please refer to the unaudited selected financial information on pages 12 through 16.

3 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs