2024-03-12 17:05:29 ET
American Tower Corporation (AMT)
Deutsche Bank's 32 Annual Media, Internet & Telecom Conference
March 12, 2024, 08:50 AM ET
Company Participants
Rod Smith - CFO
Conference Call Participants
Matthew Niknam - Deutsche Bank
Presentation
Matthew Niknam
All right. If everyone can please go ahead and take their seats, we're going to go ahead and get started with our next session. For those of you who don't know me, I'm Matt Niknam, Comm Infrastructure Analyst here at Deutsche Bank. We are very pleased to welcome back American Tower, CFO, Rod Smith. Rod, welcome back.
Rod Smith
Yes, thank you, Matt. Good morning, everyone. Thanks for being here.
Question-and-Answer Session
Q - Matthew Niknam
Great to have you. So, there's, obviously, lots to talk about. Maybe just to start, you recently reported fourth quarter results. You gave an outlook for '24. Maybe we can touch on some of the key highlights from the outlook and the top priorities for American Tower this year.
Rod Smith
Yes, that sounds good. I will maybe start here with the top priorities. And as we look through into 2024, we're really focused on driving organic growth on our existing asset base. That is critical to us. And as you've seen in the last couple of years, we're very focused on cost management, controlling our operating costs, both direct operating costs, as well as SG&A around the world. And that leads to expanded margins.
So kind of those fundamentals are critical to us in terms of driving organic growth on existing towers, managing our expenses and expanding margins. And that's working. And you've seen that a couple of years and we're continuing to focus on that. And then also having that be the catalyst to drive AFFO growth and have that expanding from where it was in 2023. So we're up in the mid-single-digit AFFO per share growth going into 2024 is kind of the outlook.
And then when you hit on capital allocation, we're being very disciplined on capital allocation, really prioritizing, deleveraging, strengthening our balance sheet along the way. One of the highlights there that I would raise is that our capital that we're investing across the globe is coming down a little bit from where it was in 2023....
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American Tower Corporation (AMT) Deutsche Bank's 32 Annual Media, Internet & Telecom Conference (Transcript)