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- **Revenue Growth**: 8% YoY total revenue, 14% data center growth, 5% organic tower growth. 
- **AFFO Guidance**: 7% YoY growth (9% ex-FX), driven by EBITDA expansion and cost control. 
- **CoreSite Strength**: Record retail leasing, mid-teens stabilized yields, 42MW under construction. 
- **Services Pipeline**: Near-record services revenue, 20% YoY app volume growth, 40% colo app growth. 
- **Balance Sheet**: 4.9x leverage, $10.7B liquidity, $28M share buybacks. 
- **Risks**: AT&T Mexico $30M annual reserve, DISH litigation over 2% of US revenue. 
- **AI Opportunity**: CoreSite leading in co-located AI/ML workloads, liquid cooling adoption.

**【CEO Summary Section】**
- Delivered double-digit growth in attributable AFFO per share (7% YoY at midpoint, 9% excluding FX and financing costs). 
- Leasing activity robust across towers (5% organic growth) and data centers (14% revenue growth). 
- Mobile data consumption up 35% YoY in US, driving 5G densification and tower upgrades (75% of US towers upgraded). 
- CoreSite data centers seeing record demand for AI/ML workloads, hybrid cloud deployments, and liquid cooling solutions. 
- Strategic priorities: organic growth (5%+ tenant billings), margin expansion (300bps since 2020), disciplined capital allocation ($3.2B dividend, $1.7B capex). 
- Services revenue at near-record levels, driven by carrier 5G buildouts and densification. 

**【CFO Financial Commentary】**
- Total revenue +8% YoY ($40M FX tailwind), adjusted EBITDA +8%, AFFO +10%. 
- Updated 2025 guidance: 
  - Property revenue: $40M increase (3% YoY, 5% ex-straight-line) 
  - Adjusted EBITDA: $45M increase (4% YoY, 7% ex-straight-line) 
  - AFFO: $50M increase (7% YoY, 9% ex-FX/interest) 
- CoreSite data centers: 13% YoY growth, mid-teens stabilized yields. 
- Balance sheet strength: 4.9x net leverage, $10.7B liquidity. 
- $28M share buybacks post-quarter end under $2B authorized program. 
- AT&T Mexico dispute: $30M annual reserve, $19M already booked, arbitration hearing in August 2026. 

**【Q&A Highlights】**
- **Services Growth**: Near-record pipeline for 2026, driven by 5G mid-band deployment and densification. 
- **Spectrum Auctions**: Higher frequency bands (6-10GHz) will require densification, benefiting tower portfolio. 
- **CoreSite Pre-Lease Share**: 6% drop due to construction-to-leasing transition, not demand slowdown. 
- **Cost Optimization**: 300bps margin expansion since 2020, new COO role focused on supply chain and automation. 
- **M&A Strategy**: Prefers developed market growth (US, Europe) over acquisitions, given private multiples. 
- **DISH Litigation**: Filed declaratory judgment to enforce 2036 MLA, represents 2% of US revenue. 
- **AI Impact**: CoreSite seeing demand for co-located AI/ML workloads, liquid cooling adoption accelerating. 
- **Liquidity**: $10.7B liquidity, 4.9x leverage vs. 5x peer average, enabling $3.2B dividend + growth capex.

American Tower Corporation (AMT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AMT

AMT fundamentals

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