THIRD QUARTER 2014 HIGHLIGHTS
Consolidated Results
-
Total revenue increased 28.5% to $1,038 million
-
Adjusted EBITDA increased 26.2% to $666 million
-
AFFO increased 25.2% to $460 million
Segment Results
-
Domestic rental and management segment revenue increased 25.2% to $664 million
-
International rental and management segment revenue increased 30.3% to $348 million
-
Network development services segment revenue was $27 million
BOSTON--(BUSINESS WIRE)--Oct. 30, 2014-- American Tower Corporation (NYSE:AMT) today reported financial results for the quarter ended September 30, 2014.
Jim Taiclet, American Tower's Chief Executive Officer stated, "Our combined domestic and diversified international portfolio delivered nearly 12% Organic Core Growth in the third quarter. Consumer adoption of increasingly advanced mobile devices and services, which ultimately drives our organic growth, continues unabated in both the U.S. and in our other served markets.
In our latest analysis of the individual factors that correlate to American Tower's U.S. organic growth rates, the increase in the amount of total mobile data traffic emerged as the number one driver. This, coupled with forecasts that U.S. mobile data usage is expected to double every two years through at least 2018, gives us confidence in the strength of our long-term domestic growth trajectory. Moreover, since nearly all of our international assets are in markets that are three to ten years behind the U.S. in the deployment of mobile broadband services, we continue to believe that these markets will further enhance and lengthen our overall long-term growth trajectory."
THIRD QUARTER 2014 OPERATING RESULTS OVERVIEW
American Tower generated the following operating results for the quarter ended September 30, 2014 (unless otherwise indicated, all comparative information is presented against the quarter ended September 30, 2013).
-
Total revenue increased 28.5% to $1,038 million, and total rental and management revenue increased 26.9% to $1,011 million.
-
Total rental and management revenue Core Growth was approximately 31.2%, and total rental and management Organic Core Growth was approximately 11.9%.
-
Total rental and management Gross Margin increased 22.7% to $742 million, and total rental and management Gross Margin percentage was 73.4%.
-
Adjusted EBITDA increased 26.2% to $666 million, Core Growth in Adjusted EBITDA was 31.5%, and Adjusted EBITDA Margin was 64%.
-
Adjusted Funds From Operations (AFFO) increased 25.2% to $460 million, AFFO per Share increased 25.0% to $1.15, and Core Growth in AFFO was approximately 28.2%.
-
Net income attributable to American Tower Corporation common stockholders increased 11.0% to $200 million, and net income attributable to American Tower Corporation common stockholders per both basic and diluted common share increased to $0.50.
-
Cash provided by operating activities for the nine months ended September 30, 2014 increased 37.2% to $1,570 million.
Segment Results
Domestic Rental and Management Segment
-
Revenue increased 25.2% to $664 million;
-
Organic Core Growth in revenue was 9.1%;
-
Gross Margin increased 21.8% to $530 million;
-
Gross Margin percentage was 80%;
-
Operating Profit increased 21.6% to $499 million, which represented 72% of total Operating Profit; and
-
Operating Profit Margin was 75%.
International Rental and Management Segment
-
Revenue increased 30.3% to $348 million;
-
Organic Core Growth in revenue was 17.7%;
-
Gross Margin increased 25.0% to $212 million;
-
Gross Margin percentage was 61% (83% excluding the impact of $93 million of pass-through revenues);
-
Operating Profit increased 29.5% to $179 million, which represented 26% of total Operating Profit; and
-
Operating Profit Margin was 51% (70%, excluding the impact of $93 million of pass-through revenues).
Network Development Services Segment
-
Revenue was $27 million;
-
Gross Margin was $15 million;
-
Gross Margin percentage was 57%;
-
Operating Profit was $12 million, which represented 2% of total Operating Profit; and
-
Operating Profit Margin was 45%.
Please refer to "Non-GAAP and Defined Financial Measures" on page 5 for definitions of Gross Margin, Operating Profit, Operating Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, NAREIT Funds From Operations, AFFO, AFFO per Share, Core Growth, Organic Core Growth, New Property Core Growth and Net Leverage Ratio. For additional financial information, including reconciliations to GAAP measures, please refer to the unaudited selected financial information on pages 11 through 15.
INVESTING OVERVIEW
Distributions - On October 7, 2014, the Company paid its third quarter distribution of $0.36 per share, or a total of approximately $143 million, to common stockholders of record at the close of business on September 23, 2014. On September 10, 2014, the Company declared a dividend of $1.3125 per share, or approximately $8 million, to preferred stockholders of record at the close of business on November 1, 2014.
Cash Paid for Capital Expenditures- During the third quarter of 2014, total capital expenditures of $257 million included:
-
$155 million for discretionary capital projects, including spending to complete the construction of 187 towers and the installation of 11 distributed antenna system networks and 44 shared generators domestically and the construction of 620 towers and the installation of 4 distributed antenna system networks internationally;
-
$23 million to purchase land under the Company's communications sites;
-
$4 million for start-up capital projects;
-
$53 million for the redevelopment of existing communications sites to accommodate new tenant equipment; and
-
$22 million for capital improvements and corporate capital expenditures.
Cash Paid for Acquisitions- During the third quarter of 2014, the Company spent approximately $9 million for acquisitions, including the purchase of 14 towers in the United States and 15 internationally.
The Company purchased an aggregate of 120 towers in the United States subsequent to the end of the third quarter for approximately $110 million, and has a previously announced agreement in place to acquire approximately 2,530 towers and exclusive use rights for approximately 2,110 additional towers in Brazil. The purchase price for these assets is expected to be approximately $0.9 billion at current exchange rates, and is subject to customary adjustments and regulatory approval.
FINANCING OVERVIEW
Leverage- For the quarter ended September 30, 2014, the Company's Net Leverage Ratio was approximately 5.1x net debt (total debt less cash and cash equivalents) to third quarter 2014 annualized Adjusted EBITDA.
Liquidity- As of September 30, 2014, the Company had approximately $3.4 billion of total liquidity, comprised of the ability to borrow up to an aggregate of approximately $3.1 billion under its revolving credit facilities, net of outstanding letters of credit, and approximately $0.3 billion in cash and cash equivalents.
FULL YEAR 2014 OUTLOOK
The following estimates are based on a number of assumptions that management believes to be reasonable and reflect the Company's expectations as of October 30, 2014. Actual results may differ materially from these estimates as a result of various factors, and the Company refers you to the cautionary language regarding "forward-looking" statements included in this press release when considering this information.
As reflected in the table below, the Company has raised the midpoint of its full year 2014 outlook for total rental and management revenue by $10 million, Adjusted EBITDA by $15 million and AFFO by $35 million. These estimates exclude the Company's pending acquisition of BR Towers, which is expected to close in the fourth quarter.
The Company's outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for the fourth quarter of 2014: (a) 2.45 Brazilian Reais; (b) 600 Chilean Pesos; (c) 2,030 Colombian Pesos; (d) 0.80 Euros; (e) 3.30 Ghanaian Cedi; (f) 61.30 Indian Rupees; (g) 13.50 Mexican Pesos; (h) 2.90 Peruvian Soles; (i) 11.15 South African Rand; and (j) 2,650 Ugandan Shillings.
($ in millions)
| |
Full Year 2014
| |
Midpoint
Growth
| |
Midpoint Core
Growth
|
Total rental and management revenue
|
$
|
3,975
| |
to
|
$
|
4,005
|
21.4
|
%
|
26.7
|
%
|
Adjusted EBITDA(1)
|
2,640
|
to
|
2,660
|
21.8
|
%
|
26.9
|
%
|
AFFO(1)
|
1,800
|
to
|
1,820
|
23.2
|
%
|
26.1
|
%
|
Net income
|
805
|
to
|
825
|
69.0
|
%
|
N/A
|
(1) See "Non-GAAP and Defined Financial Measures" below.
The Company's outlook for total rental and management revenue reflects the following at the midpoint:
-
Domestic rental and management segment revenue of $2,635 million and Organic Core Growth of 9.5%; and
-
International rental and management segment revenue of $1,355 million and Organic Core Growth of 16%. International rental and management segment revenue includes approximately $359 million of pass-through revenue.
The calculation of midpoint Core Growth is as follows:
|
(Totals may not add due to rounding)
| |
Total Rental and
| | |
Management
|
Adjusted
|
Revenue
|
EBITDA
|
AFFO
|
Outlook midpoint Core Growth
|
26.7
|
%
|
26.9
|
%
|
26.1
|
%
|
Estimated impact of fluctuations in foreign currency exchange rates
|
(3.4
|
)%
|
(2.5
|
)%
|
(3.3
|
)%
|
Impact of straight-line revenue and expense recognition
|
(1.7
|
)%
|
(2.9
|
)%
|
-
|
Impact of significant one-time items
|
-
| |
0.4
|
%
|
0.4
|
%
|
Outlook midpoint growth
|
21.4
|
%
|
21.8
|
%
|
23.2
|
%
| |
Total Rental and Management Revenue Core Growth Components(1):
| |
(Totals may not add due to rounding)
|
Full Year 2014
|
Organic Core Growth
|
~11.0%
|
New Property Core Growth(2)
|
~15.7%
|
Core Growth
|
~26.7%
|
(1) Reflects growth at the midpoint of outlook ranges.
(2) Revenue growth attributable to sites added to the portfolio on or after January 1, 2013.
Outlook for Capital Expenditures:
| | |
($ in millions)
|
(Totals may not add due to rounding)
|
Full Year 2014
|
Discretionary capital projects(1)
|
$
|
515
|
to
|
$
|
525
|
Ground lease purchases
|
115
|
to
|
125
|
Start-up capital projects
|
35
|
to
|
45
|
Redevelopment
|
190
|
to
|
200
|
Capital improvement
|
75
|
to
|
85
|
Corporate
|
20
| |
-
|
20
|
Total
|
$
|
950
| |
to
|
$
|
1,000
|
(1) Includes the construction of approximately 2,500 to 3,000 new communications sites.
|
Reconciliations of Outlook for Net Income to Adjusted EBITDA:
|
($ in millions)
| |
(Totals may not add due to rounding)
|
Full Year 2014
|
Net income
|
$
|
805
| |
to
|
$
|
825
|
Interest expense
|
585
|
to
|
575
|
Depreciation, amortization and accretion
|
990
|
to
|
1,000
|
Income tax provision
|
65
|
to
|
71
|
Stock-based compensation expense
|
80
|
-
|
80
|
Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations, (income) loss on equity method investments and other expense (income)
|
115
| |
to
|
109
|
Adjusted EBITDA
|
$
|
2,640
| |
to
|
$
|
2,660
| |
|
Reconciliations of Outlook for Net Income to AFFO:
|
($ in millions)
| |
(Totals may not add due to rounding)
|
Full Year 2014
|
Net income
|
$
|
805
|
to
|
$
|
825
|
Straight-line revenue
|
(125
|
)
|
-
|
(125
|
)
|
Straight-line expense
|
40
|
-
|
40
|
Depreciation, amortization and accretion
|
990
|
to
|
1,000
|
Stock-based compensation expense
|
80
|
-
|
80
|
Non-cash portion of tax provision
|
(7
|
)
|
to
|
(5
|
)
|
Other, including other operating expenses, amortization of deferred financing costs, capitalized interest, debt discounts and premiums, (gain) loss on retirement of long-term obligations, other expense (income), non-cash interest related to joint venture shareholder loans and dividends declared on preferred stock
|
112
|
to
|
110
|
Capital improvement capital expenditures
|
(75
|
)
|
to
|
(85
|
)
|
Corporate capital expenditures
|
(20
|
)
|
-
|
(20
|
)
|
AFFO
|
$
|
1,800
| |
to
|
$
|
1,820
| | |
Conference Call Information
American Tower will host a conference call today at 8:30 a.m. ET to discuss its financial results for the quarter ended September 30, 2014 and its outlook for 2014. Supplemental materials for the call will be available on the Company's website, www.americantower.comhttp://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.americantower.com&esheet=50972914&newsitemid=20141030005429&lan=en-US&anchor=www.americantower.com&index=1&md5=6a4ff89db3980b0b208198b054c8277f. The conference call dial-in numbers are as follows:
U.S./Canada dial-in: (866) 740-9153
International dial-in: (706) 645-9644
Passcode: 10482311
When available, a replay of the call can be accessed until 11:59 p.m. ET on November 12, 2014. The replay dial-in numbers are as follows:
U.S./Canada dial-in: (855) 859-2056
International dial-in: (404) 537-3406
Passcode: 10482311
American Tower will also sponsor a live simulcast and replay of the call on its website, www.americantower.comhttp://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.americantower.com&esheet=50972914&newsitemid=20141030005429&lan=en-US&anchor=www.americantower.com&index=2&md5=2a9cd4dbd786028d15c63f043cc6329b.
About American Tower
American Tower is a leading independent owner, operator and developer of wireless and broadcast communications real estate with a global portfolio of approximately 70,000 communications sites. For more information about American Tower, please visit the "Earnings Materials" and "Company & Industry Resources" sections of our investor relations website at www.americantower.comhttp://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.americantower.com&esheet=50972914&newsitemid=20141030005429&lan=en-US&anchor=www.americantower.com&index=3&md5=97dfca4e63c5c7759804207fe1bb396f.
Non-GAAP and Defined Financial Measures
In addition to the results prepared in accordance with generally accepted accounting principles in the United States (GAAP) provided throughout this press release, the Company has presented the following non-GAAP and defined financial measures: Gross Margin, Operating Profit, Operating Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, NAREIT Funds From Operations, AFFO, AFFO per Share, Core Growth, Organic Core Growth, New Property Core Growth and Net Leverage Ratio. The Company uses Funds From Operations as defined by the National Association of Real Estate Investment Trusts (NAREIT), referred to herein as NAREIT Funds From Operations.
The Company defines Gross Margin as revenues less operating expenses, excluding stock-based compensation expense recorded in costs of operations, depreciation, amortization and accretion, selling, general, administrative and development expense, and other operating expenses. The Company defines Operating Profit as Gross Margin less selling, general, administrative and development expense, excluding stock-based compensation expense and corporate expenses. For reporting purposes, the international rental and management segment Operating Profit and Gross Margin also include interest income, TV Azteca, net. These measures of Gross Margin and Operating Profit are also before interest income, interest expense, gain (loss) on retirement of long-term obligations, other income (expense), net income (loss) attributable to non-controlling interest, income (loss) on equity method investments and income tax benefit (provision). The Company defines Operating Profit Margin as the percentage that results from dividing Operating Profit by revenue. The Company defines Adjusted EBITDA as net income before income (loss) from discontinued operations, net, income (loss) from equity method investments, income tax benefit (provision), other income (expense), gain (loss) on retirement of long-term obligations, interest expense, interest income, other operating income (expense), depreciation, amortization and accretion and stock-based compensation expense. The Company defines Adjusted EBITDA Margin as the percentage that results from dividing Adjusted EBITDA by total revenue. NAREIT Funds From Operations is defined as net income before gains or losses from the sale or disposal of real estate, real estate related impairment charges, real estate related depreciation, amortization and accretion and dividends declared on preferred stock, and including adjustments for (i) unconsolidated affiliates and (ii) noncontrolling interest. The Company defines AFFO as NAREIT Funds From Operations before (i) straight-line revenue and expense, (ii) stock-based compensation expense, (iii) the non-cash portion of our tax provision, (iv) non-real estate related depreciation, amortization and accretion, (v) amortization of deferred financing costs, capitalized interest, debt discounts and premiums and long-term deferred interest charges, (vi) other income (expense), (vii) gain (loss) on retirement of long-term obligations, (viii) other operating income (expense), and adjustments for (ix) unconsolidated affiliates and (x) noncontrolling interest, less cash payments related to capital improvements and cash payments related to corporate capital expenditures. The Company defines AFFO per Share as AFFO divided by the diluted weighted average common shares outstanding. The Company defines Core Growth in total rental and management revenue, Adjusted EBITDA and AFFO as the increase or decrease, expressed as a percentage, resulting from a comparison of financial results for a current period with corresponding financial results for the corresponding period in a prior year, in each case, excluding the impact of straight-line revenue and expense recognition, foreign currency exchange rate fluctuations and significant one-time items. The Company defines Organic Core Growth in rental and management revenue as the increase or decrease, expressed as a percentage, resulting from a comparison of financial results for a current period with corresponding financial results for the corresponding period in a prior year, in each case, excluding the impact of straight-line revenue and expense recognition, foreign currency exchange rate fluctuations, significant one-time items and revenue associated with new properties that the Company has added to the portfolio since the beginning of the prior period. The Company defines New Property Core Growth in rental and management revenue as the increase or decrease, expressed as a percentage, on the properties the Company has added to its portfolio since the beginning of the prior period, in each case, excluding the impact of straight-line revenue and expense recognition, foreign currency exchange rate fluctuations and significant one-time items. The Company defines Net Leverage Ratio as net debt (total debt, less cash and cash equivalents) divided by last quarter annualized Adjusted EBITDA. These measures are not intended to replace financial performance measures determined in accordance with GAAP. Rather, they are presented as additional information because management believes they are useful indicators of the current financial performance of the Company's core businesses. The Company believes that these measures can assist in comparing company performances on a consistent basis irrespective of depreciation and amortization or capital structure. Depreciation and amortization can vary significantly among companies depending on accounting methods, particularly where acquisitions or non-operating factors, including historical cost bases, are involved. Notwithstanding the foregoing, the Company's measures of Gross Margin, Operating Profit, Operating Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, NAREIT Funds From Operations, AFFO, AFFO per Share, Core Growth, Organic Core Growth, New Property Core Growth and Net Leverage Ratio may not be comparable to similarly titled measures used by other companies.
Cautionary Language Regarding Forward-Looking Statements
This press release contains "forward-looking statements" concerning our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions, and other statements that are not necessarily based on historical facts. Examples of these statements include, but are not limited to statements regarding our full year 2014 outlook, foreign currency exchange rates and our expectation regarding the leasing demand for communications real estate. Actual results may differ materially from those indicated in our forward-looking statements as a result of various important factors, including: (1) decrease in demand for our communications sites would materially and adversely affect our operating results, and we cannot control that demand; (2) if our tenants share site infrastructure to a significant degree or consolidate or merge, our growth, revenue and ability to generate positive cash flows could be materially and adversely affected; (3) our business is subject to government regulations and changes in current or future laws or regulations could restrict our ability to operate our business as we currently do; (4) our leverage and debt service obligations may materially and adversely affect us; (5) if we fail to pay scheduled dividends on our preferred stock, in cash or common stock, we will be prohibited from paying dividends on our common stock, which may jeopardize our status as a REIT; (6) increasing competition in the tower industry may materially and adversely affect us; (7) our expansion initiatives involve a number of risks and uncertainties that could adversely affect our operating results, disrupt our operations or expose us to additional risk if we are not able to successfully integrate operations, assets and personnel; (8) our foreign operations are subject to economic, political and other risks that could materially and adversely affect our revenues or financial position, including risks associated with fluctuations in foreign currency exchange rates; (9) a substantial portion of our revenue is derived from a small number of tenants, and we are sensitive to changes in the creditworthiness and financial strength of our tenants; (10) we may fail to realize the growth prospects and cost savings anticipated as a result of our acquisition of MIP Tower Holdings LLC, the parent company of Global Tower Partners (GTP); (11) new technologies or changes in a tenant's business model could make our tower leasing business less desirable and result in decreasing revenues; (12) if we fail to remain qualified as a REIT, we will be subject to tax at corporate income tax rates, which may substantially reduce funds otherwise available; (13) we may be limited in our ability to fund required distributions using cash generated through our TRSs; (14) complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities; (15) certain of our business activities may be subject to corporate level income tax and foreign taxes, which reduce our cash flows and may create deferred and contingent tax liabilities; (16) we may need additional financing to fund capital expenditures, future growth and expansion initiatives and to satisfy our REIT distribution requirements; (17) if we are unable to protect our rights to the land under our towers, it could adversely affect our business and operating results; (18) if we are unable or choose not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, our cash flows derived from such towers will be eliminated; (19) restrictive covenants in the agreements related to our securitization transactions, our credit facilities and our debt securities could materially and adversely affect our business by limiting flexibility; (20) we may incur goodwill and other intangible asset impairment charges, which could result in a significant reduction to our earnings; (21) our costs could increase and our revenues could decrease due to perceived health risks from radio emissions, especially if these perceived risks are substantiated; (22) we could have liability under environmental and occupational safety and health laws; and (23) our towers or data centers may be affected by natural disasters and other unforeseen events for which our insurance may not provide adequate coverage. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the information contained in Item 1A of our Form 10-Q for the quarter ended June 30, 2014. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands)
| | |
September 30, 2014
|
December 31, 2013(1)
|
ASSETS
|
CURRENT ASSETS:
|
Cash and cash equivalents
|
$
|
295,613
|
$
|
293,576
|
Restricted cash
|
135,237
|
152,916
|
Short-term investments
|
29,007
|
18,612
|
Accounts receivable, net
|
198,119
|
151,165
|
Prepaid and other current assets
|
316,164
|
348,266
|
Deferred income taxes
|
22,797
| |
22,401
| |
Total current assets
|
996,937
| |
986,936
| |
Property and equipment, net
|
7,552,110
|
7,178,701
|
Goodwill
|
3,866,550
|
3,849,888
|
Other intangible assets, net
|
6,389,227
|
6,568,102
|
Deferred income taxes
|
252,993
|
264,277
|
Deferred rent asset
|
1,009,958
|
918,847
|
Notes receivable and other non-current assets
|
528,840
| |
509,173
| |
TOTAL
|
$
|
20,596,615
| |
$
|
20,275,924
| | |
LIABILITIES AND EQUITY
|
CURRENT LIABILITIES:
|
Accounts payable
|
$
|
111,001
|
$
|
172,938
|
Accrued expenses
|
436,711
|
421,188
|
Distributions payable
|
147,685
|
575
|
Accrued interest
|
91,444
|
105,751
|
Current portion of long-term obligations
|
960,461
|
70,132
|
Unearned revenue
|
190,616
| |
162,079
| |
Total current liabilities
|
1,937,918
| |
932,663
| |
Long-term obligations
|
12,973,835
|
14,408,146
|
Asset retirement obligations
|
566,325
|
541,807
|
Other non-current liabilities
|
933,223
| |
803,268
| |
Total liabilities
|
16,411,301
| |
16,685,884
| | |
COMMITMENTS AND CONTINGENCIES
|
EQUITY:
|
Preferred stock
|
60
|
-
|
Common stock
|
3,992
|
3,976
|
Additional paid-in capital
|
5,757,233
|
5,130,616
|
Distributions in excess of earnings
|
(854,579
|
)
|
(1,081,467
|
)
|
Accumulated other comprehensive loss
|
(504,339
|
)
|
(311,220
|
)
|
Treasury stock
|
(207,740
|
)
|
(207,740
|
)
|
Total American Tower Corporation equity
|
4,194,627
|
3,534,165
|
Noncontrolling interest
|
(9,313
|
)
|
55,875
| |
Total equity
|
4,185,314
| |
3,590,040
| |
TOTAL
|
$
|
20,596,615
| |
$
|
20,275,924
| | |
(1) December 31, 2013 balances have been revised to reflect purchase accounting measurement period adjustments.
| |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands, except per share data)
| |
Three Months Ended
|
Nine Months Ended
|
September 30,
|
September 30,
|
2014
| |
2013
|
2014
| |
2013
|
REVENUES:
|
Rental and management
|
$
|
1,011,119
|
$
|
796,575
|
$
|
2,977,000
|
$
|
2,363,207
|
Network development services
|
27,069
| |
11,305
| |
76,734
| |
56,231
| |
Total operating revenues
|
1,038,188
| |
807,880
| |
3,053,734
| |
2,419,438
| |
OPERATING EXPENSES:
|
Costs of operations (exclusive of items shown separately below):
|
Rental and management (including stock-based compensation expense of $344, $248, $1,059 and $751, respectively)
|
272,355
|
195,953
|
786,374
|
585,465
|
Network development services (including stock-based compensation expense of $101, $99, $343 and $440, respectively)
|
11,847
|
4,876
|
30,872
|
22,839
|
Depreciation, amortization and accretion
|
249,066
|
184,922
|
740,256
|
555,334
|
Selling, general, administrative and development expense (including stock-based compensation expense of $17,824, $14,711, $60,306 and $51,964, respectively)
|
108,909
|
97,781
|
317,437
|
298,737
|
Other operating expenses
|
11,204
| |
15,469
| |
37,852
| |
35,686
| |
Total operating expenses
|
653,381
| |
499,001
| |
1,912,791
| |
1,498,061
| |
OPERATING INCOME
|
384,807
| |
308,879
| |
1,140,943
| |
921,377
| |
OTHER INCOME (EXPENSE):
|
Interest income, TV Azteca, net of interest expense of $371, $371, $1,112 and $1,113, respectively
|
2,661
|
3,544
|
7,918
|
10,673
|
Interest income
|
3,850
|
2,342
|
8,149
|
5,468
|
Interest expense
|
(143,212
|
)
|
(106,335
|
)
|
(432,753
|
)
|
(318,916
|
)
|
Gain (loss) on retirement of long-term obligations
|
2,969
|
-
|
1,447
|
(37,967
|
)
|
Other expense (including unrealized foreign currency losses of $36,998, $30,907, $62,556 and $151,673, respectively)
|
(34,019
|
)
|
(29,622
|
)
|
(54,225
|
)
|
(148,991
|
)
|
Total other expense
|
(167,751
|
)
|
(130,071
|
)
|
(469,464
|
)
|
(489,733
|
)
|
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
217,056
|
178,808
|
671,479
|
431,644
|
Income tax provision
|
(10,426
|
)
|
(15,586
|
)
|
(49,877
|
)
|
(23,361
|
)
|
NET INCOME
|
206,630
|
163,222
|
621,602
|
408,283
|
Net loss attributable to noncontrolling interest
|
963
| |
16,901
| |
22,921
| |
43,068
| |
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION STOCKHOLDERS
|
207,593
|
180,123
|
644,523
|
451,351
|
Dividends declared on preferred stock
|
(7,700
|
)
|
-
| |
(12,075
|
)
|
-
| |
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS
|
$
|
199,893
| |
$
|
180,123
| |
$
|
632,448
| |
$
|
451,351
| |
NET INCOME PER COMMON SHARE AMOUNTS:
|
Basic net income attributable to American Tower Corporation common stockholders
|
$
|
0.50
| |
$
|
0.46
| |
$
|
1.60
| |
$
|
1.14
| |
Diluted net income attributable to American Tower Corporation common stockholders
|
$
|
0.50
| |
$
|
0.45
| |
$
|
1.58
| |
$
|
1.13
| |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
|
Basic
|
396,243
| |
394,759
| |
395,758
| |
395,138
| |
Diluted
|
400,397
| |
398,348
| |
399,806
| |
399,275
| |
DISTRIBUTIONS DECLARED PER COMMON SHARE
|
$
|
0.36
|
$
|
0.28
|
$
|
1.02
|
$
|
0.81
| |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In thousands)
| |
Nine months ended
|
September 30,
|
2014
| |
2013
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
Net income
|
$
|
621,602
|
$
|
408,283
|
Adjustments to reconcile net income to cash provided by operating activities:
|
Stock-based compensation expense
|
61,708
|
53,155
|
Depreciation, amortization and accretion
|
740,256
|
555,334
|
(Gain) loss on early retirement of securitized debt
|
(1,447
|
)
|
35,288
|
Other non-cash items reflected in statements of operations
|
73,825
|
164,406
|
Increase in net deferred rent asset
|
(65,460
|
)
|
(83,694
|
)
|
Decrease (increase) in restricted cash
|
23,560
|
(62,703
|
)
|
Increase in assets
|
(42,931
|
)
|
(59,267
|
)
|
Increase in liabilities
|
158,493
| |
133,641
| |
Cash provided by operating activities
|
1,569,606
| |
1,144,443
| | |
CASH FLOWS FROM INVESTING ACTIVITIES:
|
Payments for purchase of property and equipment and construction activities
|
(723,353
|
)
|
(448,249
|
)
|
Payments for acquisitions, net of cash
|
(324,936
|
)
|
(365,658
|
)
|
Proceeds from sale of assets, net of cash
|
15,464
|
-
|
Proceeds from sale of short-term investments and other non-current assets
|
453,396
|
27,889
|
Payments for short-term investments
|
(460,686
|
)
|
(50,224
|
)
|
Deposits, restricted cash, investments and other
|
(63,295
|
)
|
(122,396
|
)
|
Cash used for investing activities
|
(1,103,410
|
)
|
(958,638
|
)
| |
CASH FLOWS FROM FINANCING ACTIVITIES:
|
Proceeds from short-term borrowings, net
|
-
|
7,544
|
Borrowings under credit facilities
|
785,000
|
3,507,000
|
Proceeds from issuance of senior notes, net
|
1,415,844
|
2,221,792
|
Proceeds from other long-term borrowings
|
3,033
|
27,971
|
Proceeds from issuance of Securities in securitization transaction, net
|
-
|
1,778,496
|
Repayments of notes payable, credit facilities and capital leases
|
(2,928,434
|
)
|
(3,705,454
|
)
|
Contributions from noncontrolling interest holders, net
|
5,446
|
17,584
|
Purchases of common stock
|
-
|
(145,012
|
)
|
Proceeds from stock options and stock purchase plan
|
47,938
|
32,973
|
Proceeds from the issuance of preferred stock, net
|
583,105
|
-
|
Payment for early retirement of securitized debt
|
(6,767
|
)
|
(29,234
|
)
|
Deferred financing costs and other financing activities
|
(32,129
|
)
|
(9,190
|
)
|
Purchase of noncontrolling interest
|
(64,822
|
)
|
-
|
Distributions paid on common stock
|
(261,913
|
)
|
(209,711
|
)
|
Distributions paid on preferred stock
|
(8,138
|
)
|
-
| |
Cash (used for) provided by financing activities
|
(461,837
|
)
|
3,494,759
| |
Net effect of changes in foreign currency exchange rates on cash and cash equivalents
|
(2,322
|
)
|
(8,829
|
)
|
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
2,037
|
3,671,735
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
293,576
| |
368,618
| |
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
295,613
|
$
|
4,040,353
|
CASH PAID FOR INCOME TAXES, NET
|
$
|
52,379
| |
$
|
23,172
| |
CASH PAID FOR INTEREST
|
$
|
438,404
| |
$
|
283,145
| | |
|
UNAUDITED RESULTS FROM OPERATIONS, BY SEGMENT
|
(In thousands, except percentages. Totals may not add due to rounding.)
| |
Three months ended September 30, 2014
| |
Rental and Management
| |
Network
Development
Services
| |
Total
|
Domestic
| |
International
| |
Total
|
Segment revenues
|
$
|
663,570
|
$
|
347,549
|
$
|
1,011,119
|
$
|
27,069
|
$
|
1,038,188
|
Segment operating expenses (1)
|
133,951
|
138,060
|
272,011
|
11,746
|
283,757
|
Interest income, TV Azteca, net
|
-
| |
2,661
| |
2,661
| |
-
| |
2,661
| |
Segment Gross Margin
|
529,619
| |
212,150
| |
741,769
| |
15,323
| |
757,092
| |
Segment selling, general, administrative and development expense (1)
|
30,955
| |
33,441
| |
64,396
| |
3,020
| |
67,416
| |
Segment Operating Profit
|
$
|
498,664
| |
$
|
178,709
| |
$
|
677,373
| |
$
|
12,303
| |
$
|
689,676
| |
Segment Operating Profit Margin
|
75
|
%
|
51
|
%
|
67
|
%
|
45
|
%
|
66
|
%
|
Percent of total Operating Profit
|
72
|
%
|
26
|
%
|
98
|
%
|
2
|
%
|
100
|
%
| |
Three months ended September 30, 2013
|
Rental and Management
|
Network
Development
Services
|
Total
|
Domestic
|
International
|
Total
|
Segment revenues
|
$
|
529,941
|
$
|
266,634
|
$
|
796,575
|
$
|
11,305
|
$
|
807,880
|
Segment operating expenses (1)
|
95,232
|
100,473
|
195,705
|
4,777
|
200,482
|
Interest income, TV Azteca, net
|
-
| |
3,544
| |
3,544
| |
-
| |
3,544
| |
Segment Gross Margin
|
434,709
| |
169,705
| |
604,414
| |
6,528
| |
610,942
| |
Segment selling, general, administrative and development expense (1)
|
24,523
| |
31,728
| |
56,251
| |
1,880
| |
58,131
| |
Segment Operating Profit
|
$
|
410,186
| |
$
|
137,977
| |
$
|
548,163
| |
$
|
4,648
| |
$
|
552,811
| |
Segment Operating Profit Margin
|
77
|
%
|
52
|
%
|
69
|
%
|
41
|
%
|
68
|
%
|
Percent of total Operating Profit
|
74
|
%
|
25
|
%
|
99
|
%
|
1
|
%
|
100
|
%
| |
(1) Excludes stock-based compensation expense.
| |
UNAUDITED SELECTED FINANCIAL INFORMATION
|
(In thousands, except where noted. Totals may not add due to rounding.)
|
SELECTED BALANCE SHEET DETAIL:
| |
Long-term obligations summary, including current portion
|
September 30, 2014
|
Pro Forma
September 30, 2014(1)
|
2014 credit facility
|
$
|
-
|
$
|
304,000
|
2013 credit facility
|
410,000
|
271,000
|
2013 term loan
|
1,500,000
|
1,500,000
|
3.40 % senior notes
|
1,005,824
|
1,005,824
|
3.450% senior notes
|
646,275
|
646,275
|
3.50% senior notes
|
993,050
|
993,050
|
4.50% senior notes
|
999,603
|
999,603
|
4.625% senior notes
|
599,916
|
599,916
|
4.70% senior notes
|
698,957
|
698,957
|
5.00% senior notes
|
1,011,071
|
1,011,071
|
5.05% senior notes
|
699,475
|
699,475
|
5.90% senior notes
|
499,459
|
499,459
|
7.00% senior notes
|
500,000
|
500,000
|
7.25% senior notes
|
297,128
| |
297,128
|
Total unsecured at American Tower Corporation
|
$
|
9,860,758
| |
$
|
10,025,758
|
Secured Tower Revenue Securities, Series 2013-1A
|
500,000
|
500,000
|
Secured Tower Revenue Securities, Series 2013-2A
|
1,300,000
|
1,300,000
|
GTP Notes(2)
|
1,268,643
|
1,268,643
|
Unison Notes(3)
|
204,121
|
204,121
|
South African facility(4)
|
78,507
|
78,507
|
Colombian long-term credit facility(4)
|
66,053
|
-
|
Colombian bridge loans(4)
|
53,249
|
-
|
Colombian credit facility(4)
|
-
|
96,824
|
Mexican loan(4)
|
287,753
|
287,753
|
Shareholder loans(5)
|
227,331
|
227,331
|
Capital leases
|
87,881
| |
87,881
|
Total secured or subsidiary debt
|
$
|
4,073,538
| |
$
|
4,051,060
|
Total debt
|
$
|
13,934,296
| |
$
|
14,076,818
|
Cash and cash equivalents
|
295,613
| |
Net debt (total debt less cash and cash equivalents)
|
$
|
13,638,683
| | |
(1)
| |
Pro Forma for the following activity in October 2014, (i) net repayment of $139 million under the 2013 credit facility, (ii) borrowings of $304 million under the 2014 credit facility and (iii) entering into a new 200 billion Colombian Peso denominated credit facility, and the associated repayment of the Colombian bridge loans and the Colombian long-term credit facility.
|
(2)
|
The GTP Notes are secured debt and were assumed in connection with the acquisition. In August 2014, the Company repaid in full the aggregate principal amount outstanding of $250 million under the Series 2010-1 notes.
|
(3)
|
The Unison Notes are secured debt and were assumed in connection with the acquisition.
|
(4)
|
Denominated in local currency.
|
(5)
|
Denominated in USD, reflects balances attributable to minority shareholder loans in the Company's joint ventures in Ghana and Uganda.
|
|
UNAUDITED SELECTED FINANCIAL INFORMATION
|
(In thousands, except where noted. Totals may not add due to rounding.)
| |
SELECTED BALANCE SHEET DETAIL (CONTINUED):
| |
Three months ended
|
Calculation of Net Leverage Ratio ($ in thousands)
|
September 30, 2014
|
Total debt
|
$
|
13,934,296
|
Cash and cash equivalents
|
$
|
295,613
|
Numerator: net debt (total debt less cash and cash equivalents)
|
$
|
13,638,683
| |
Adjusted EBITDA
|
$
|
666,007
|
Denominator: annualized Adjusted EBITDA
|
2,664,028
|
Net Leverage Ratio
|
5.1x
| |
|
Three months ended
|
Share count rollforward: (in millions of shares)
|
September 30, 2014
|
Total common shares, beginning of period
|
396.0
|
Common shares repurchased
|
-
|
Common shares issued
|
0.4
|
Total common shares outstanding, end of period (1)
|
396.4
| |
(1)
| |
As of September 30, 2014, excludes (a) 3.2 million potentially dilutive common shares associated with vested and exercisable stock options with an average exercise price of $46.57 per common share, (b) 3.5 million potentially dilutive common shares associated with unvested stock options, (c) 1.7 million potentially dilutive common shares associated with unvested restricted stock units, and (d) the potentially dilutive common shares associated with the Company's mandatory convertible preferred stock.
|
|
SELECTED STATEMENT OF OPERATIONS DETAIL:
| |
Rental and management segment straight-line revenue and expense (1):
| |
Three months ended September 30,
|
Domestic straight-line revenue and expense detail:
|
2014
| |
2013
|
Straight-line revenue
|
$
|
23,788
|
$
|
30,617
|
Straight-line expense
|
$
|
9,688
|
$
|
3,775
| |
|
Three months ended September 30,
|
International straight-line revenue and expense detail:
|
2014
| |
2013
|
Straight-line revenue
|
$
|
8,154
|
$
|
6,669
|
Straight-line expense
|
$
|
2,676
|
$
|
2,518
| |
(1)
| |
In accordance with GAAP, the Company recognizes rental and management revenue and expense related to non-cancellable tenant and ground lease agreements with fixed escalations on a straight-line basis, over the applicable lease term. As a result, the Company's revenue recognized may differ materially from the amount of cash collected per tenant lease, and the Company's expense incurred may differ materially from the amount of cash paid per ground lease. Additional information regarding straight-line accounting can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 in the section entitled "Revenue Recognition," in note 1, "Business and Summary of Significant Accounting Policies" within the notes to the consolidated financial statements. The above table sets forth a summary of total rental and management straight-line revenue and expense, which represents the non-cash revenue and expense recorded due to straight-line recognition.
|
|
UNAUDITED SELECTED FINANCIAL INFORMATION
|
($ in thousands. Totals may not add due to rounding.)
| |
SELECTED STATEMENT OF OPERATIONS DETAIL (CONTINUED):
| |
Three months ended September 30,
|
International pass-through revenue detail:
|
2014
| |
2013
|
Pass-through revenue
|
$
|
93,386
|
$
|
71,280
| |
|
Three months ended September 30,
|
Pre-paid rent detail(1):
|
2014
| |
2013
|
Beginning balance
|
$
|
407,003
|
$
|
216,649
|
Cash
|
64,042
|
42,950
|
Amortization(2)
|
(23,715
|
)
|
(15,561
|
)
|
Ending balance
|
$
|
447,329
| |
$
|
244,037
| | |
(1)
| |
Reflects cash received for capital contributions and prepayments associated with long-term tenant leases and amortization of GAAP revenue associated with the leases corresponding to the capital contributions or prepayments.
|
(2)
|
Includes the impact of fluctuations in foreign currency exchange rates.
|
|
Three months ended September 30,
|
Selling, general, administrative and development expense breakout:
|
2014
| |
2013
|
Total rental and management overhead
|
$
|
64,396
|
$
|
56,251
|
Network development services segment overhead
|
3,020
|
1,880
|
Corporate and development expenses
|
23,669
|
24,939
|
Stock-based compensation expense
|
17,824
| |
14,711
|
Total
|
$
|
108,909
| |
$
|
97,781
| |
The following table reflects the estimated impact of foreign currency exchange rate fluctuations, straight-line revenue and expense recognition and material one-time items on total rental and management revenue, Adjusted EBITDA and AFFO:
The calculation of Core Growth is as follows:
| | |
Total Rental and
|
Management
|
Adjusted
|
Three months ended September 30, 2014
|
Revenue
|
EBITDA
|
AFFO
|
Core Growth
|
31.2
|
%
|
31.5
|
%
|
28.2
|
%
|
Estimated impact of fluctuations in foreign currency exchange rates
|
(2.2
|
)%
|
(1.5
|
)%
|
(2.2
|
)%
|
Estimated Impact of straight-line revenue and expense recognition
|
(2.1
|
)%
|
(3.9
|
)%
|
-
|
Estimated Impact of material one-time items
|
-
| |
0.1
|
%
|
(0.8
|
)%
|
Reported growth
|
26.9
|
%
|
26.2
|
%
|
25.2
|
%
| |
The components of Core Growth in rental and management revenue are as follows:
| | |
Three months ended September 30, 2014
|
Domestic
|
International
|
Total
|
Organic Core Growth
|
9.1%
|
17.7
|
%
|
11.9
|
%
|
New Property Core Growth(1)
|
19.0%
|
19.3
|
%
|
19.3
|
%
|
Core Growth
|
28.1
|
%
|
37.0
|
%
|
31.2
|
%
| |
(1) Revenue growth attributable to sites added to the portfolio on or after July 1, 2013.
|
UNAUDITED SELECTED FINANCIAL INFORMATION
|
($ in thousands. Totals may not add due to rounding.)
| |
SELECTED CASH FLOW DETAIL:
| |
Three months ended September 30,
|
Payments for purchase of property and equipment and construction activities:
|
2014
| |
2013
|
Discretionary - capital projects
|
$
|
154,914
|
$
|
80,733
|
Discretionary - ground lease purchases
|
23,131
|
22,656
|
Start-up capital projects
|
4,352
|
7,597
|
Redevelopment
|
53,203
|
30,004
|
Capital improvements
|
15,845
|
18,724
|
Corporate
|
5,661
| |
7,930
|
Total
|
$
|
257,106
| |
$
|
167,644
| |
|
Nine Months Ended September 30,
|
Payments for purchase of property and equipment and construction activities:
|
2014
| |
2013
|
Discretionary - capital projects
|
$
|
421,487
|
$
|
210,860
|
Discretionary - ground lease purchases
|
90,826
|
54,516
|
Start-up capital projects
|
13,974
|
22,133
|
Redevelopment
|
131,942
|
75,087
|
Capital improvements
|
50,301
|
61,048
|
Corporate
|
14,824
| |
24,605
|
Total
|
$
|
723,354
| |
$
|
448,249
| |
| | | | |
SELECTED PORTFOLIO DETAIL - OWNED AND OPERATED SITES:
| |
As of September
|
Tower Count (1):
|
As of June 30, 2014
|
Constructed
|
Acquired
|
Adjustments
|
30, 2014
|
United States
|
28,203
|
187
|
14
|
(10
|
)
|
28,394
|
Brazil
|
6,909
|
50
|
-
|
-
|
6,959
|
Chile
|
1,187
|
-
|
-
|
(31
|
)
|
1,156
|
Colombia
|
3,540
|
45
|
-
|
(30
|
)
|
3,555
|
Costa Rica
|
460
|
1
|
-
|
(1
|
)
|
460
|
Germany
|
2,031
|
-
|
-
|
-
|
2,031
|
Ghana
|
1,998
|
24
|
-
|
-
|
2,022
|
India
|
12,112
|
431
|
-
|
(10
|
)
|
12,533
|
Mexico
|
8,687
|
5
|
8
|
1
|
8,701
|
Panama(2)
|
58
|
-
|
-
|
(58
|
)
|
-
|
Peru
|
499
|
29
|
-
|
-
|
528
|
South Africa
|
1,912
|
5
|
-
|
-
|
1,917
|
Uganda
|
1,226
| |
30
| |
7
| |
-
| |
1,263
|
Total
|
68,822
|
807
|
29
|
(139
|
)
|
69,519
| |
(1) Excludes in-building and outdoor distributed antenna system networks.
(2) In September 2014, the Company completed the sale of its operations in Panama.
|
UNAUDITED RECONCILIATIONS TO GAAP MEASURES AND THE CALCULATION OF DEFINED FINANCIAL MEASURES
|
(In thousands, except per share data and percentages. Totals may not add due to rounding.)
| |
The reconciliation of net income to Adjusted EBITDA and the calculation of Adjusted EBITDA Margin are as follows:
| |
Three months ended September 30,
|
2014
| |
2013
|
Net income
|
$
|
206,630
|
$
|
163,222
|
Income tax provision
|
10,426
|
15,586
|
Other expense
|
34,019
|
29,622
|
Gain on retirement of long-term obligations
|
(2,969
|
)
|
-
|
Interest expense
|
143,212
|
106,335
|
Interest income
|
(3,850
|
)
|
(2,342
|
)
|
Other operating expenses
|
11,204
|
15,469
|
Depreciation, amortization and accretion
|
249,066
|
184,922
|
Stock-based compensation expense
|
18,269
| |
15,058
| |
Adjusted EBITDA
|
$
|
666,007
| |
$
|
527,872
| |
Divided by total revenue
|
1,038,188
| |
807,880
| |
Adjusted EBITDA Margin
|
64
|
%
|
65
|
%
| |
|
The reconciliation of net income to NAREIT Funds From Operations and the calculation of AFFO and AFFO per Share are presented below:
| |
Three months ended September 30,
|
2014
| |
2013
|
Net income
|
$
|
206,630
|
$
|
163,222
|
Real estate related depreciation, amortization and accretion
|
219,977
|
160,976
|
Losses from sale or disposal of real estate and real estate related impairment charges
|
626
|
6,160
|
Dividends declared on preferred stock
|
(7,700
|
)
|
-
|
Adjustments for unconsolidated affiliates and noncontrolling interest
|
(4,049
|
)
|
10,516
| |
NAREIT Funds From Operations
|
415,484
| |
340,874
| |
Straight-line revenue
|
(31,942
|
)
|
(37,286
|
)
|
Straight-line expense
|
12,364
|
6,293
|
Stock-based compensation expense
|
18,269
|
15,058
|
Non-cash portion of tax (benefit) provision
|
(6,177
|
)
|
9,567
|
Non-real estate related depreciation, amortization and accretion
|
29,089
|
23,946
|
Amortization of deferred financing costs, capitalized interest, debt discounts and premiums and long-term deferred interest charges
|
(1,460
|
)
|
7,127
|
Other expense (1)
|
34,019
|
29,622
|
Gain on retirement of long-term obligations
|
(2,969
|
)
|
-
|
Other operating expense (2)
|
10,578
|
9,309
|
Capital improvement capital expenditures
|
(15,845
|
)
|
(18,724
|
)
|
Corporate capital expenditures
|
(5,661
|
)
|
(7,930
|
)
|
Adjustments for unconsolidated affiliates and noncontrolling interest
|
4,049
| |
(10,516
|
)
|
AFFO
|
$
|
459,798
| |
$
|
367,340
| |
Divided by weighted average diluted shares outstanding
|
400,397
|
398,348
|
AFFO per Share
|
$
|
1.15
|
$
|
0.92
| |
(1) Primarily includes unrealized losses on foreign currency exchange rate fluctuations.
(2) Primarily includes acquisition related costs, integration costs, losses from sale of assets and impairment charges.
Source: American Tower Corporation
American Tower Corporation
Leah Stearns, 617-375-7500
Vice President, Investor Relations & Treasurer
|