American Tower (AMT) FY2018 results: revenue $7.4 billion, up 11.6% on the year
American Tower Corp. (AMT) reported revenue of $7.4 billion for fiscal 2018, the year ended 31 December 2018, up 11.6% on the year before. Net income was $1.2 billion, down 0.2%, and diluted earnings per share $2.77. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$7.4 billion
+11.6% on the year
FY2011FY2018
Operating margin
25.6%
30.0% a year earlier
FY2011FY2018
Net income
$1.2 billion
-0.2% on the year
FY2011FY2018
Diluted EPS
$2.77
+3.7% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
7,440
6,664
5,786
+11.6%
Cost of revenue
2,178
2,057
1,790
+5.9%
Gross profit
5,262
4,607
3,995
+14.2%
Gross margin
70.7%
69.1%
69.1%
Selling, general and administrative
733
637
543
+15.1%
Operating income
1,905
1,998
1,853
-4.7%
Operating margin
25.6%
30.0%
32.0%
Interest expense
826
750
n/a
+10.1%
Pre-tax income
1,155
1,256
1,126
-8.1%
Income tax
-110
30.7
156
Effective tax rate
-9.5%
2.4%
13.8%
Net income
1,236
1,239
956
-0.2%
Net margin
16.6%
18.6%
16.5%
Diluted EPS
$2.77
$2.67
$1.98
+3.7%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
3,748
2,926
2,702
+28.1%
Capital expenditure
913
804
683
+13.6%
Free cash flow
2,835
2,122
2,019
+33.6%
Free cash flow margin
38.1%
31.8%
34.9%
Cash from investing
-2,750
-2,801
-2,102
Cash from financing
-608
-113
-99.3
Depreciation and amortisation
2,111
1,716
1,526
+23.0%
Share-based compensation
138
108
89.9
+26.7%
Buybacks
233
766
0.0
-69.6%
Dividends paid
1,324
1,073
886
+23.3%
Diluted shares, weighted
443m
432m
429m
+2.6%
Shares outstanding at period end
441m
429m
427m
+2.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
5,336
6,242
6,764
-14.5%
Non-controlling interest
564
587
212
-3.9%
Redeemable equity
1,005
1,126
1,091
-10.8%
Debt
21,160
20,205
18,533
+4.7%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
4,946
5,055
4,278
-2.2%
Total liabilities and equity
33,010
33,214
30,879
-0.6%
Fixed assets
11,247
11,101
10,517
+1.3%
Goodwill
5,502
5,638
5,071
-2.4%
Intangible assets
11,174
11,783
11,275
-5.2%
Investments
0.0
1.0
4.0
Cash and equivalents
1,209
802
787
+50.7%
Receivables
459
514
308
-10.6%
Other assets
3,419
3,375
2,917
+1.3%
Total assets
33,010
33,214
30,879
-0.6%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.