American Tower Corporation (NYSE:AMT) Q3 2024 Earnings Call Transcript October 29, 2024 8:30 AM ET

Company Participants

Adam Smith - SVP of IR & FP&A
Steve Vondran - President and CEO
Rod Smith - EVP, CFO, and Treasurer

Conference Call Participants

Ric Prentiss - Raymond James
David Barden - Bank of America
Simon Flannery - Morgan Stanley
James Schneider - Goldman Sachs
Batya Levi - UBS
Nick Del Deo - MoffettNathanson
Brandon Nispel - KeyBanc Capital Markets
Richard Choe - JPMorgan

Operator

Ladies and gentlemen, thank you for standing-by. Welcome to the American Tower Third Quarter 2024 Earnings Conference Call. As a reminder, today's conference call is being recorded. Following the prepared remarks, we will open the call for questions. [Operator Instructions] I would now like to turn the call over to your host, Adam Smith, Senior Vice President of Investor Relations and FP&A. Please go ahead, sir.

Adam Smith

Good morning, and thank you for joining American Tower's Third Quarter 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. I'm joined on the call today by Steve Vondran, our President and CEO; and Rod Smith, our Executive Vice President, CFO, and Treasurer. Following our prepared remarks, 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 2024 outlook, capital allocation, and future operating performance 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 most recent Annual Report on Form 10-K and other risks described in documents we subsequently file from time-to-time 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 Steve.

Steve Vondran

Thanks, Adam, and thanks to everyone for joining today. As you can see in our Q3 results, demand remains strong across our global portfolio of real-estate assets. In our Tower business, our customers' efforts to deploy mid-band 5G for additional coverage continue to support a healthy pipeline of activity across the US, Europe and parts of our emerging markets. The discussions we're having with our carrier customers about their need to address upcoming capacity requirements, particularly in the US, further reinforce our bullish expectations for the densification phase of the 5G investment cycle. Additionally, our data center segment delivered another fantastic quarter of leasing, benefiting from accelerating hybrid IT deployments and early signs of AI-related demand.