American Tower (AMT) FY2019 results: revenue $7.6 billion, up 1.9% on the year
American Tower Corp. (AMT) reported revenue of $7.6 billion for fiscal 2019, the year ended 31 December 2019, up 1.9% on the year before. Net income was $1.9 billion, up 52.7%, and diluted earnings per share $4.24. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$7.6 billion
+1.9% on the year
FY2012FY2019
Operating margin
35.5%
25.6% a year earlier
FY2012FY2019
Net income
$1.9 billion
+52.7% on the year
FY2012FY2019
Diluted EPS
$4.24
+53.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
7,580
7,440
6,664
+1.9%
Cost of revenue
2,217
2,178
2,057
+1.8%
Gross profit
5,364
5,262
4,607
+1.9%
Gross margin
70.8%
70.7%
69.1%
Selling, general and administrative
730
733
637
-0.4%
Operating income
2,688
1,905
1,998
+41.1%
Operating margin
35.5%
25.6%
30.0%
Interest expense
814
826
750
-1.4%
Pre-tax income
1,916
1,155
1,256
+66.0%
Income tax
-0.2
-110
30.7
Effective tax rate
-0.0%
-9.5%
2.4%
Net income
1,888
1,236
1,239
+52.7%
Net margin
24.9%
16.6%
18.6%
Diluted EPS
$4.24
$2.77
$2.67
+53.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,753
3,748
2,926
+0.1%
Capital expenditure
991
913
804
+8.6%
Free cash flow
2,761
2,835
2,122
-2.6%
Free cash flow margin
36.4%
38.1%
31.8%
Cash from investing
-3,988
-2,750
-2,801
Cash from financing
522
-608
-113
Depreciation and amortisation
1,778
2,111
1,716
-15.7%
Share-based compensation
111
138
108
-19.0%
Buybacks
19.6
233
766
-91.6%
Dividends paid
1,603
1,324
1,073
+21.1%
Diluted shares, weighted
446m
443m
432m
+0.6%
Shares outstanding at period end
443m
441m
429m
+0.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,055
5,336
6,242
-5.3%
Non-controlling interest
435
564
587
-22.8%
Redeemable equity
1,096
1,005
1,126
+9.1%
Debt
24,055
21,160
20,205
+13.7%
Operating lease liabilities
6,510
0.0
n/a
Finance lease liabilities
24.0
n/a
n/a
Other liabilities
5,625
4,946
5,055
+13.7%
Total liabilities and equity
42,802
33,010
33,214
+29.7%
Fixed assets
n/a
11,247
11,101
Goodwill
6,178
5,502
5,638
+12.3%
Intangible assets
12,318
11,174
11,783
+10.2%
Investments
n/a
0.0
1.0
Cash and equivalents
1,501
1,209
802
+24.2%
Receivables
462
459
514
+0.7%
Other assets
22,342
3,419
3,375
+553.4%
Total assets
42,802
33,010
33,214
+29.7%
10-K for the year ended 31 December 2019, filed 25 February 2020: the filing.