American Tower (AMT) FY2014 results: revenue $4.1 billion, up 22.0% on the year
American Tower Corp. (AMT) reported revenue of $4.1 billion for fiscal 2014, the year ended 31 December 2014, up 22.0% on the year before. Net income was $825 million, up 49.6%, and diluted earnings per share $2.00. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2015.
Revenue
$4.1 billion
+22.0% on the year
FY2007FY2014
Operating margin
36.3%
36.1% a year earlier
FY2007FY2014
Net income
$825 million
+49.6% on the year
FY2007FY2014
Diluted EPS
$2.00
+44.9% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
4,100
3,361
2,876
+22.0%
Cost of revenue
1,094
860
722
+27.3%
Gross profit
3,006
2,502
2,153
+20.2%
Gross margin
73.3%
74.4%
74.9%
Selling, general and administrative
447
416
327
+7.5%
Operating income
1,487
1,214
1,120
+22.5%
Operating margin
36.3%
36.1%
38.9%
Interest expense
580
458
402
+26.6%
Pre-tax income
866
542
701
+59.8%
Income tax
62.5
59.5
107
+5.0%
Effective tax rate
7.2%
11.0%
15.3%
Net income
825
551
637
+49.6%
Net margin
20.1%
16.4%
22.2%
Diluted EPS
$2.00
$1.38
$1.60
+44.9%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
2,135
1,599
1,414
+33.5%
Capital expenditure
974
725
568
+34.5%
Free cash flow
1,160
875
846
+32.7%
Free cash flow margin
28.3%
26.0%
29.4%
Cash from investing
n/a
n/a
-2,558
Cash from financing
n/a
n/a
1,170
Depreciation and amortisation
1,004
800
644
+25.5%
Share-based compensation
80.2
68.1
52.0
+17.6%
Buybacks
0.0
145
62.7
Dividends paid
405
435
356
-6.9%
Dividend per share
n/a
n/a
$0.90
Diluted shares, weighted
400m
399m
399m
+0.2%
Shares outstanding at period end
397m
395m
395m
+0.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
3,954
3,534
3,573
+11.9%
Non-controlling interest
99.8
55.9
111
+78.6%
Debt
14,540
14,500
8,800
+0.3%
Other liabilities
2,670
2,124
1,605
+25.7%
Total liabilities and equity
21,264
20,214
14,089
+5.2%
Fixed assets
7,590
7,178
5,766
+5.7%
Goodwill
4,032
3,855
2,843
+4.6%
Intangible assets
6,824
6,570
3,206
+3.9%
Investments
6.3
18.6
6.0
-66.1%
Cash and equivalents
313
294
369
+6.8%
Receivables
199
151
144
+31.5%
Other assets
2,298
2,148
1,756
+7.0%
Total assets
21,264
20,214
14,089
+5.2%
10-K for the year ended 31 December 2014, filed 24 February 2015: the filing.