American Tower (AMT) FY2017 results: revenue $6.7 billion, up 15.2% on the year
American Tower Corp. (AMT) reported revenue of $6.7 billion for fiscal 2017, the year ended 31 December 2017, up 15.2% on the year before. Net income was $1.2 billion, up 29.5%, and diluted earnings per share $2.67. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$6.7 billion
+15.2% on the year
FY2010FY2017
Operating margin
30.0%
32.0% a year earlier
FY2010FY2017
Net income
$1.2 billion
+29.5% on the year
FY2010FY2017
Diluted EPS
$2.67
+34.8% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
6,664
5,786
4,772
+15.2%
Cost of revenue
2,057
1,790
1,309
+14.9%
Gross profit
4,607
3,995
3,463
+15.3%
Gross margin
69.1%
69.1%
72.6%
Selling, general and administrative
637
543
498
+17.2%
Operating income
1,998
1,853
1,613
+7.8%
Operating margin
30.0%
32.0%
33.8%
Interest expense
750
n/a
n/a
Pre-tax income
1,256
1,126
830
+11.6%
Income tax
30.7
156
158
-80.3%
Effective tax rate
2.4%
13.8%
19.0%
Net income
1,239
956
685
+29.5%
Net margin
18.6%
16.5%
14.4%
Diluted EPS
$2.67
$1.98
$1.41
+34.8%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,926
2,702
2,167
+8.3%
Capital expenditure
804
683
729
+17.7%
Free cash flow
2,122
2,019
1,438
+5.1%
Free cash flow margin
31.8%
34.9%
30.1%
Cash from investing
-2,801
-2,102
n/a
Cash from financing
-113
-99.3
n/a
Depreciation and amortisation
1,716
1,526
1,285
+12.5%
Share-based compensation
108
89.9
90.5
+20.7%
Buybacks
766
0.0
0.0
Dividends paid
1,073
886
711
+21.1%
Diluted shares, weighted
432m
429m
423m
+0.6%
Shares outstanding at period end
429m
427m
424m
+0.4%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
6,242
6,764
6,652
-7.7%
Non-controlling interest
587
212
61.1
+176.3%
Redeemable equity
1,126
1,091
0.0
+3.2%
Debt
20,205
18,533
17,119
+9.0%
Other liabilities
5,055
4,278
3,072
+18.2%
Total liabilities and equity
33,214
30,879
26,904
+7.6%
Fixed assets
11,101
10,517
9,866
+5.6%
Goodwill
5,638
5,071
4,092
+11.2%
Intangible assets
11,783
11,275
9,838
+4.5%
Investments
1.0
4.0
0.0
-75.0%
Cash and equivalents
802
787
321
+1.9%
Receivables
514
308
227
+66.6%
Other assets
3,375
2,917
2,560
+15.7%
Total assets
33,214
30,879
26,904
+7.6%
10-K for the year ended 31 December 2017, filed 27 February 2019: the filing.