American Tower Corporation (NYSE:AMT.PRB) Q3 2016 Earnings Conference Call - Preliminary Transcript

Oct 27, 2016 • 08:30 am ET


American Tower Corporation (NYSE:AMT.PRB) Q3 2016 Earnings Conference Call - Preliminary Transcript


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Ladies and gentlemen, welcome to the American Tower Third Quarter 2016 Earnings Conference Call. At this time, all lines are in a listen-only mode. (Operator Instructions) As a reminder, today's call is being recorded.

I would now like to turn the conference over to our host, Ms. Leah Stearns. Please go ahead.

Leah C. Stearns

Thank you. Good morning. Thank you for joining American Tower's third quarter earnings conference call. Our agenda for this morning's call will be as follows. First, I will provide some brief highlights from our financial results. Next, Tom Bartlett, our Executive Vice President and CFO, will provide a more detailed review of our financial and operational performance for the third quarter as well as our full year outlook for 2016. And finally, Jim Taiclet, our Chairman, President and CEO, will provide a brief update on technology trends and how they impact our business and strategies. After these comments, we will open up the call for your questions.

Before I begin, I would like to remind you that this call will contain forward-looking statements that involve a number of risks and uncertainties. Examples of these statements include those regarding our expectations for future growth, including our 2016 outlook, foreign currency exchange rates, dividend growth, leverage and future operating performance, as well as technology and industry trends and any other statements regarding matters that are not historical facts.

You should be aware that certain factors may affect us in the future and could cause actual results to differ materially from those expressed in these forward-looking statements. Such factors include the Risk Factors set forth in this morning's press release, those set forth in our Form 10-K for the year ended December 31, 2015, and in other filings we make with the SEC.

We urge you to consider these factors and remind you that we undertake no obligation to update the information contained in this call to reflect subsequent events or circumstances.

In addition to this morning's press release, we have posted a presentation, which we will reference throughout our prepared remarks under the Investor Relations tab on our website.

So turning to Slide 4 of our presentation, I'll provide a few highlights from the third quarter. During the quarter, total property revenue grew approximately 24% to nearly $1.5 billion. Total revenue grew approximately 22% to over $1.51 billion, and net income attributable to American Tower Corporation common stockholders increased by approximately 212% to $238 million or $0.55 per diluted common share.

Further, adjusted EBITDA grew by more than 17% to approximately $915 million. And consolidated adjusted funds from operations increased by nearly 15% to approximately $641 million or $1.49 per diluted share.

And with that I would like to turn the call over to Tom.Hi, thanks, Leah. Good morning, everyone. Hi, we had another quarter of strong organic tenant billings growth and margin performance across our global asset base, in fact, achieving record levels of new business commencements in the quarter. Once again we achieved double-digit growth rates across all of