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American Tower Corporation (NYSE: AMT)
today reported financial results for the fourth quarter and full year ended December 31, 2012.
Jim Taiclet, American Tower’s Chief Executive Officer stated, “2012 represented another strong year of performance, as we remained focused on two primary aspirations: strengthening our core U.S. business by securing extended customer agreements to enable robust, sustained organic growth; and leveraging the rapid global adoption of wireless services to drive our international market expansion. As a result, we were able to achieve Core Growth in rental revenue and Adjusted EBITDA of over 21% and Core Growth in AFFO of nearly 19%.
"Our Outlook for 2013 reflects continued mid-teen Core Growth in rental revenue, Adjusted EBITDA and AFFO, and we are focused on pursuing our disciplined global investment strategy to sustain these levels of growth into the future."
FOURTH QUARTER 2012 OPERATING RESULTS OVERVIEW
American Tower generated the following operating results for the quarter ended December 31, 2012 (unless otherwise indicated, all comparative information is presented against the quarter ended December 31, 2011).
Total revenue increased 17.6% to $768.4 million and total rental and management revenue increased 15.4% to $739.7 million. Total rental and management revenue Core Growth was approximately 19.3%. Please refer to the selected statement of operations detail on page 14, which highlights the items affecting all Core Growth percentages for the quarter ended December 31, 2012.
Total rental and management Gross Margin increased 15.6% to $562.9 million, which includes the impact of a one-time favorable expense item attributable to the domestic rental and management segment, as further described below. Total selling, general, administrative and development expense was $89.4 million, including $11.9 million of stock-based compensation expense. Adjusted EBITDA increased 16.8% to $500.6 million, Core Growth in Adjusted EBITDA was 19.6%, and Adjusted EBITDA Margin was 65%.