American Tower Corporation (AMT) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 26, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the American Tower First Quarter 2023 Earnings Conference Call. As a reminder, today’s conference call is being recorded. Following the prepared remarks, we will open the call for questions.

I would now like to turn the call over to your host, Adam Smith, Senior Vice President of Investor Relations. Please go ahead, sir.

Adam Smith - SVP, IR

Good morning. And thank you for joining American Tower’s first quarter 2023 earnings conference call. We have posted a presentation, which we will refer to throughout our prepared remarks under the Investor Relations tab of our website, www.americantower.com.

On this morning’s call, Tom Bartlett, our President and CEO, will provide an update on our U.S. tower and data center businesses. And then Rod Smith, our Executive Vice President, CFO and Treasurer, will discuss our Q1 2023 results and revised full year outlook. After these comments, we will open up the call for your questions.

Before we begin, I’ll remind you that our comments will contain forward-looking statements that involve a number of risks and uncertainties. Examples of these statements include our expectations regarding future growth, including our 2023 outlook; capital allocation and future operating performance; our collections expectations associated with Vodafone Idea in India 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 earnings press release, those set forth in our Form 10-K for the year ended December 31, 2022, 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.

With that, I’ll turn the call over to Tom.

Tom Bartlett - President and CEO

Thanks, Adam, and thanks to everyone for joining us this morning.

As is customary for our first quarter call, my comments today will focus on our U.S. business, which is principally comprised of our tower and data center platforms, which made up 55% of our consolidated property revenue and 64% of our property operating profit in the first quarter of 2023.