American Tower (AMT) FY2020 results: revenue $8.0 billion, up 6.1% on the year
American Tower Corp. (AMT) reported revenue of $8.0 billion for fiscal 2020, the year ended 31 December 2020, up 6.1% on the year before. Net income was $1.7 billion, down 10.4%, and diluted earnings per share $3.79. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$8.0 billion
+6.1% on the year
FY2013FY2020
Operating margin
35.9%
35.5% a year earlier
FY2013FY2020
Net income
$1.7 billion
-10.4% on the year
FY2013FY2020
Diluted EPS
$3.79
-10.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
8,042
7,580
7,440
+6.1%
Cost of revenue
2,227
2,217
2,178
+0.5%
Gross profit
5,814
5,364
5,262
+8.4%
Gross margin
72.3%
70.8%
70.7%
Selling, general and administrative
779
730
733
+6.6%
Operating income
2,888
2,688
1,905
+7.4%
Operating margin
35.9%
35.5%
25.6%
Interest expense
794
814
826
-2.5%
Pre-tax income
1,821
1,916
1,155
-5.0%
Income tax
130
-0.2
-110
Effective tax rate
7.1%
-0.0%
-9.5%
Net income
1,691
1,888
1,236
-10.4%
Net margin
21.0%
24.9%
16.6%
Diluted EPS
$3.79
$4.24
$2.77
-10.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,881
3,753
3,748
+3.4%
Capital expenditure
1,032
991
913
+4.1%
Free cash flow
2,850
2,761
2,835
+3.2%
Free cash flow margin
35.4%
36.4%
38.1%
Cash from investing
-4,785
-3,988
-2,750
Cash from financing
1,215
522
-608
+132.9%
Depreciation and amortisation
1,882
1,778
2,111
+5.8%
Share-based compensation
121
111
138
+8.4%
Buybacks
56.0
19.6
233
+185.7%
Dividends paid
1,928
1,603
1,324
+20.3%
Diluted shares, weighted
446m
446m
443m
+0.1%
Shares outstanding at period end
444m
443m
441m
+0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
4,094
5,055
5,336
-19.0%
Non-controlling interest
475
435
564
+9.2%
Redeemable equity
212
1,096
1,005
-80.7%
Debt
29,288
24,055
21,160
+21.8%
Operating lease liabilities
6,884
6,510
0.0
+5.7%
Finance lease liabilities
23.0
24.0
n/a
-4.2%
Other liabilities
6,258
5,625
4,946
+11.3%
Total liabilities and equity
47,234
42,802
33,010
+10.4%
Fixed assets
n/a
n/a
11,247
Goodwill
7,283
6,178
5,502
+17.9%
Intangible assets
13,840
12,318
11,174
+12.4%
Investments
n/a
n/a
0.0
Cash and equivalents
1,746
1,501
1,209
+16.3%
Receivables
512
462
459
+10.7%
Other assets
23,853
22,342
3,419
+6.8%
Total assets
47,234
42,802
33,010
+10.4%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.