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TheStreet Open House

American Tower Corporation Reports Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: AMT

The Company’s outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for the full year 2013: (a) 2.00 Brazilian Reais; (b) 475.00 Chilean Pesos; (c) 1,800.00 Colombian Pesos; (d) 0.78 Euros; (e) 1.90 Ghanaian Cedi; (f) 53.00 Indian Rupees; (g) 12.50 Mexican Pesos; (h) 2.55 Peruvian Soles; (i) 8.70 South African Rand; and (j) 2,650.00 Ugandan Schillings.

($ in millions)     Full Year 2013  

Midpoint Growth

 

Midpoint Core Growth

Total rental and management revenue $3,160   to   $3,210 13.6% 16.5%
Adjusted EBITDA (1) $2,080 to $2,130 11.2% 14.8%
Adjusted Funds From Operations (1) $1,360 to $1,410 15.6% 16.3%
Net Income $765 to $840 35.1% N/A
________
(1) See “Non-GAAP and Defined Financial Measures” below.

The Company’s outlook for total rental and management revenue reflects the following at the midpoint: (1) domestic rental and management segment revenue of $2,080 million; and (2) international rental and management segment revenue of $1,105 million, which includes approximately $285 million of pass-through revenue.

The calculation of midpoint Core Growth is as follows:

(Totals may not add due to rounding.)

 

Total Rental and Management Revenue

Adjusted EBITDA

  AFFO
Outlook midpoint Core Growth 16.5% 14.8% 16.3%
Estimated impact of fluctuations in foreign currency exchange rates (0.2)% (0.0)% 0.0%
Impact of straight-line revenue and expense recognition (2.0)% (2.4)% -
Impact of significant one-time items(1) (0.6)% (1.1)% (0.8)%

Outlook midpoint growth

13.6% 11.2% 15.6%

___

(1) Attributable to 2012 one-time items and new market start-up capital expenditures of approximately $20 million in 2013.
 
Outlook for Capital Expenditures:

($ in millions)

(Totals may not add due to rounding.)

Full Year 2013
Discretionary capital projects (1) $240   to   $300
Ground lease purchases 85 to 105
Redevelopment 95 to 105
Capital improvement (2) 105 to 115
Corporate 25

-

25
Total $550 to $650

___

(1) Includes the construction of approximately 2,250 to 2,750 new communications sites.
(2) Includes new market start-up capital expenditures of approximately $20 million and spending related to a lighting system upgrade in the U.S of approximately $15 million.

Reconciliations of Outlook for Net Income to Adjusted EBITDA:

($ in millions)

(Totals may not add due to rounding.)

  Full Year 2013
Net income $765   to   $840
Interest expense 460 to 450
Depreciation, amortization and accretion 755 to 725
Income tax provision 63 to 73
Stock-based compensation expense 65 - 65
Other, including other operating expenses, interest income, loss on retirement of long-term obligations, (income) loss on equity method investments and other (income) expense (28) to (23)
Adjusted EBITDA $2,080 to $2,130
 

Reconciliations of Outlook for Net Income to Adjusted Funds From Operations:

($ in millions)

(Totals may not add due to rounding.)

Full Year 2013
Net income $765 to $840
Straight-line revenue (135) - (135)
Straight-line expense 31 - 31
Depreciation, amortization and accretion 755 to 725
Stock-based compensation expense 65 - 65
Non-cash portion of tax provision 5 to 10

Other, including other operating expenses, interest expense, amortization of deferred financing costs, debt discounts and capitalized interest, loss on retirement of long-term obligations, other (income) expense and non-cash interest related to joint venture shareholder loans

4 to 14
Capital improvement capital expenditures (105) to (115)
Corporate capital expenditures (25) - (25)
Adjusted Funds From Operations $1,360 to $1,410

Conference Call Information

American Tower will host a conference call today at 8:30 a.m. ET to discuss its financial results for the fourth quarter and full year ended December 31, 2012 and its outlook for 2013. Supplemental materials for the call will be available on the Company’s website, www.americantower.com. The conference call dial-in numbers are as follows:

U.S./Canada dial-in: (866) 740-9153

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