10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN TOWER CORP /MA/ | |||
Ticker: AMT Fiscal Year: 2018 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| REVENUES: | |||
| Property | $ 7,314,700 | 6,565,900 | 5,713,100 |
| Total operating revenues | 7,440,100 | 6,663,900 | 5,785,700 |
| OPERATING EXPENSES: | |||
| Property (including stock-based compensation expense of $2.4, $2.1 and $1.7, respectively) | 2,128,700 | 2,022,000 | 1,762,700 |
| Depreciation, amortization and accretion | 2,110,800 | 1,715,900 | 1,525,600 |
| Selling, general, administrative and development expense (including stock-based compensation expense of $134.2, $105.6, and $87.5, respectively) | 733,200 | 637,000 | 543,400 |
| Other operating expenses | 513,300 | 256,000 | 73,300 |
| Total operating expenses | 5,535,100 | 4,665,500 | 3,932,700 |
| OPERATING INCOME | 1,905,000 | 1,998,400 | 1,853,000 |
| OTHER INCOME (EXPENSE): | |||
| (Loss) gain on retirement of long-term obligations | (3,300) | (70,200) | 1,200 |
| Other income (expense) (including foreign currency (losses) gains of ($4.5), $26.4, and ($48.9), respectively) | 23,800 | 31,300 | (47,700) |
| Total other expense | (750,400) | (742,300) | (727,100) |
| INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,154,600 | 1,256,100 | 1,125,900 |
| Income tax benefit (provision) | 110,100 | (30,700) | (155,500) |
| NET INCOME | 1,264,700 | 1,225,400 | 970,400 |
| Net (income) loss attributable to noncontrolling interests | (28,300) | 13,500 | (14,000) |
| NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION STOCKHOLDERS | 1,236,400 | 1,238,900 | 956,400 |
| Dividends on preferred stock | (9,400) | (87,400) | (107,100) |
| NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS | 1,227,000 | 1,151,500 | 849,300 |
| NET INCOME PER COMMON SHARE AMOUNTS: | |||
| Basic net income attributable to American Tower Corporation common stockholders (in dollars per share) | 2.79 | 2.69 | 2.00 |
| Diluted net income attributable to American Tower Corporation common stockholders (in dollars per share) | 2.77 | 2.67 | 1.98 |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||
| BASIC (in shares) | 439,606 | 428,181 | 425,143 |
| DILUTED (in shares) | 442,960 | 431,688 | 429,283 |
| Legal Entity | |||
| TV Azteca | |||
| Interest (expense) income, TV Azteca, each net of interest expense of $1.2 | (100) | 10,800 | 10,900 |
| Interest expense | (1,200) | (1,200) | (1,200) |
| Excluding TV Azteca | |||
| Interest income | 54,700 | 35,400 | 25,600 |
| Interest expense | (825,500) | (749,600) | (717,100) |
| Product and Service | |||
| Services | |||
| Services | 125,400 | 98,000 | 72,600 |
| Services (including stock-based compensation expense of $0.9, $0.8 and $0.7, respectively) | 49,100 | 34,600 | 27,700 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN TOWER CORP /MA/ | |||
Ticker: AMT Fiscal Year: 2018 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Net income | $ 1,264,700 | 1,225,400 | 970,400 |
| Other comprehensive (loss) income: | |||
| Changes in fair value of cash flow hedges, each net of tax expense of $0 | (100) | (400) | (400) |
| Reclassification of unrealized losses on cash flow hedges to net income, each net of tax expense of $0 | 300 | (100) | (300) |
| Reclassification of unrealized losses on cash flow hedges to net income, each net of tax expense of $0 | 78,800 | 0 | 0 |
| Purchase of noncontrolling interest | 500 | 0 | 0 |
| Foreign currency translation adjustments, net of tax (benefit) expense of ($2.6), $1.0, and $3.8, respectively | (869,300) | 144,400 | (202,900) |
| Other comprehensive (loss) income | (789,800) | 143,900 | (203,600) |
| Comprehensive income | 474,900 | 1,369,300 | 766,800 |
| Comprehensive loss (income) attributable to non-controlling interest | 96,900 | (109,400) | 18,200 |
| Comprehensive income attributable to American Tower Corporation stockholders | 571,800 | 1,259,900 | 785,000 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN TOWER CORP /MA/ | |||
Ticker: AMT Fiscal Year: 2018 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $ 1,264,700 | 1,225,400 | 970,400 |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Depreciation, amortization and accretion | 2,110,800 | 1,715,900 | 1,525,600 |
| Stock-based compensation expense | 137,500 | 108,500 | 89,900 |
| Loss (gain) on investments, unrealized foreign currency loss and other non-cash expense | 47,300 | (18,000) | 127,400 |
| Impairments, net loss on sale of long-lived assets, non-cash restructuring and merger related expenses | 479,600 | 242,400 | 50,700 |
| Loss (gain) on early retirement of long-term obligations | 3,300 | 70,200 | (1,200) |
| Amortization of deferred financing costs, debt discounts and premiums and other non-cash interest | 22,100 | 20,000 | 17,700 |
| Deferred income taxes | (303,000) | (86,600) | 27,000 |
| Changes in assets and liabilities, net of acquisitions: | |||
| Accounts receivable | (32,100) | (191,100) | 11,400 |
| Prepaid and other assets | (101,700) | (179,900) | (80,000) |
| Deferred rent asset | (87,600) | (194,400) | (131,700) |
| Accounts payable and accrued expenses | 69,300 | 95,800 | (42,900) |
| Accrued interest | 8,400 | 9,200 | 34,400 |
| Unearned revenue | 85,800 | 59,300 | 16,600 |
| Deferred rent liability | 57,900 | 62,300 | 67,800 |
| Other non-current liabilities | (14,000) | (13,400) | 18,600 |
| Cash provided by operating activities | 3,748,300 | 2,925,600 | 2,701,700 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Payments for purchase of property and equipment and construction activities | (913,200) | (803,600) | (682,500) |
| Payments for acquisitions, net of cash acquired | (1,881,400) | (2,007,000) | (1,411,300) |
| Payment for Verizon transaction | 0 | 0 | (4,700) |
| Proceeds from sales of short-term investments and other non-current assets | 1,252,200 | 14,700 | 13,100 |
| Payments for short-term investments | (1,154,300) | 0 | (800) |
| Deposits and other | (52,800) | (5,000) | (16,100) |
| Cash used for investing activities | (2,749,500) | (2,800,900) | (2,102,300) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Borrowings under credit facilities | 3,263,300 | 5,359,400 | 2,446,800 |
| Proceeds from issuance of senior notes, net | 584,900 | 2,674,000 | 3,236,400 |
| Proceeds from term loan | 1,500,000 | 0 | 0 |
| Proceeds from issuance of securities in securitization transaction | 500,000 | 0 | 0 |
| Repayments of notes payable, credit facilities, term loan, senior notes, secured debt and capital leases | (4,884,800) | (6,484,400) | (5,093,700) |
| (Distributions to) contributions from noncontrolling interest holders, net | (14,400) | 264,300 | 238,500 |
| Purchases of common stock | (232,800) | (766,300) | 0 |
| Proceeds from stock options and stock purchase plan | 98,900 | 119,700 | 92,500 |
| Distributions paid on common stock | (1,323,500) | (1,073,000) | (886,100) |
| Distributions paid on preferred stock | (18,900) | (91,400) | (107,100) |
| Payment for early retirement of long-term obligations | (3,300) | (75,300) | (100) |
| Deferred financing costs and other financing activities | (56,600) | (40,000) | (26,500) |
| Purchase of noncontrolling interest | (20,500) | 0 | 0 |
| Cash used for financing activities | (607,700) | (113,000) | (99,300) |
| Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash | (41,100) | 6,700 | (26,500) |
| NET INCREASE IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH | 350,000 | 18,400 | 473,600 |
| CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR | 954,900 | 936,500 | |
| CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF YEAR | 1,304,900 | 954,900 | 936,500 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AMERICAN TOWER CORP /MA/ | ||
Ticker: AMT Fiscal Year: 2018 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $ 1,208,700 | 802,100 |
| Restricted cash | 96,200 | 152,800 |
| Short-term investments | 0 | 1,000 |
| Accounts receivable, net | 459,000 | 513,600 |
| Prepaid and other current assets | 621,200 | 568,600 |
| Total current assets | 2,385,100 | 2,038,100 |
| PROPERTY AND EQUIPMENT, net | 11,247,100 | 11,101,000 |
| GOODWILL | 5,501,900 | 5,638,400 |
| OTHER INTANGIBLE ASSETS, net | 11,174,300 | 11,783,300 |
| DEFERRED TAX ASSET | 157,700 | 204,400 |
| DEFERRED RENT ASSET | 1,581,700 | 1,499,000 |
| NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS | 962,600 | 950,100 |
| TOTAL | 33,010,400 | 33,214,300 |
| CURRENT LIABILITIES: | ||
| Accounts payable | 130,800 | 142,900 |
| Accrued expenses | 948,300 | 854,300 |
| Distributions payable | 377,400 | 304,400 |
| Accrued interest | 174,500 | 166,900 |
| Current portion of long-term obligations | 2,754,800 | 774,800 |
| Unearned revenue | 304,100 | 268,800 |
| Total current liabilities | 4,689,900 | 2,512,100 |
| LONG-TERM OBLIGATIONS | 18,405,100 | 19,430,300 |
| ASSET RETIREMENT OBLIGATIONS | 1,210,000 | 1,175,300 |
| DEFERRED TAX LIABILITY | 535,900 | 898,100 |
| OTHER NON-CURRENT LIABILITIES | 1,265,100 | 1,244,200 |
| Total liabilities | 26,106,000 | 25,260,000 |
| COMMITMENTS AND CONTINGENCIES | ||
| REDEEMABLE NONCONTROLLING INTERESTS | 1,004,800 | 1,126,200 |
| EQUITY (shares in thousands): | ||
| Common stock: $.01 par value; 1,000,000 shares authorized; 451,617 and 437,729 shares issued; and 441,060 and 428,820 shares outstanding, respectively | 4,500 | 4,400 |
| Additional paid-in capital | 10,380,800 | 10,247,500 |
| Distributions in excess of earnings | (1,199,500) | (1,058,100) |
| Accumulated other comprehensive loss | (2,642,900) | (1,978,300) |
| Treasury stock (10,557 and 8,909 shares at cost, respectively) | (1,206,800) | (974,000) |
| Total American Tower Corporation equity | 5,336,100 | 6,241,500 |
| Noncontrolling interests | 563,500 | 586,600 |
| Total equity | 5,899,600 | 6,828,100 |
| TOTAL | 33,010,400 | 33,214,300 |
| Class of Stock | ||
| 5.50%, Series B, 1,375 shares issued, 0 and 1,375 shares outstanding; aggregate liquidation value of $0.0 and $1.4, respectively | ||
| Schedule of Financial Instruments Subject to Mandatory Redemption by Settlement Terms | ||
| Convertible Preferred Stock Subject to Mandatory Redemption | ||
| Preferred stock: $.01 par value; 20,000 shares authorized; | 0 | 0 |
| Equity Components | ||
| Preferred stock | ||
| Schedule of Financial Instruments Subject to Mandatory Redemption by Settlement Terms | ||
| Convertible Preferred Stock Subject to Mandatory Redemption | ||
| Total equity | 0 | 0 |
| External Links | |
| AMERICAN TOWER CORP /MA/ (AMT) Fiscal Year 2018 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |