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American Tower Q2 Strong On Q2 Beat With Guidance Raise; Credit Positive

COMMUNICATIONS
Rating: Baa3/BBB-/BBB+
  • Results look positive on strong revenue and EBITDA beats with margin and billings growth. FCF was ahead of consensus and the earnings were accompanied by a range of guidance increases.

  • Q2 revenue +6.9% YoY cFX (+2.5% vs. BBG consensus), mostly driven by a 3.5% international revenue beat (+7.1% YoY) and a 0.5% domestic beat (+0.9% YoY). The smaller data centres segment continues to boost growth at +12.6%.
  • EBITDA saw +10.2% cFX growth (+6.3% vs. consensus) with a margin of 65.2% against consensus of 62.8% and 63.1% in Q223. Tenant billings saw a 5.3% organic growth rate.
  • FCF of USD 1bn was +27.5% YoY, helped by both a 10.7% increase in CFO and a 21.4% decrease in cash capex. The headline leverage metric, annualised quarterly EBITDA leverage, stands at 4.8x from 5x at Q1 with a slight decrease in net debt from USD 36.9bn to USD 36.5bn.
  • “The Company is raising the midpoints of its full year 2024 outlook for property revenue, net income, net income attributable to AMT common stockholders, Adjusted EBITDA, AFFO attributable to AMT common stockholders and AFFO attributable to AMT common stockholders per Share by $20 million, $145 million, $135 million, $130 million, $85 million and $0.18, respectively”.
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