American Tower (AMT) FY2013 results: revenue $3.4 billion, up 16.9% on the year
American Tower Corp. (AMT) reported revenue of $3.4 billion for fiscal 2013, the year ended 31 December 2013, up 16.9% on the year before. Net income was $551 million, down 13.5%, and diluted earnings per share $1.38. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2014.
Revenue
$3.4 billion
+16.9% on the year
FY2007FY2013
Operating margin
36.1%
38.9% a year earlier
FY2007FY2013
Net income
$551 million
-13.5% on the year
FY2007FY2013
Diluted EPS
$1.38
-13.8% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
3,361
2,876
2,444
+16.9%
Cost of revenue
860
722
621
+19.0%
Gross profit
2,502
2,153
1,823
+16.2%
Gross margin
74.4%
74.9%
74.6%
Selling, general and administrative
416
327
289
+27.0%
Operating income
1,214
1,120
920
+8.4%
Operating margin
36.1%
38.9%
37.7%
Interest expense
458
402
312
+14.1%
Pre-tax income
542
701
507
-22.8%
Income tax
59.5
107
125
-44.5%
Effective tax rate
11.0%
15.3%
24.7%
Net income
551
637
396
-13.5%
Net margin
16.4%
22.2%
16.2%
Diluted EPS
$1.38
$1.60
$0.99
-13.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,599
1,414
1,166
+13.1%
Capital expenditure
725
568
523
+27.5%
Free cash flow
875
846
643
+3.3%
Free cash flow margin
26.0%
29.4%
26.3%
Cash from investing
n/a
-2,558
-2,791
Cash from financing
n/a
1,170
1,086
Depreciation and amortisation
800
644
556
+24.2%
Share-based compensation
68.1
52.0
47.4
+31.1%
Buybacks
145
62.7
437
+131.2%
Dividends paid
435
356
138
+22.2%
Dividend per share
n/a
$0.90
$0.35
Diluted shares, weighted
399m
399m
400m
-0.0%
Shares outstanding at period end
395m
395m
394m
-0.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
3,534
3,573
3,287
-1.1%
Non-controlling interest
55.9
111
123
-49.7%
Debt
14,500
8,800
7,236
+64.8%
Other liabilities
2,124
1,605
1,586
+32.3%
Total liabilities and equity
20,214
14,089
12,232
+43.5%
Fixed assets
7,178
5,766
4,982
+24.5%
Goodwill
3,855
2,843
2,676
+35.6%
Intangible assets
6,570
3,206
2,495
+104.9%
Investments
18.6
6.0
22.3
+209.3%
Cash and equivalents
294
369
330
-20.4%
Receivables
151
144
101
+5.2%
Other assets
2,148
1,756
1,626
+22.3%
Total assets
20,214
14,089
12,232
+43.5%
10-K for the year ended 31 December 2013, filed 26 February 2014: the filing.