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American Tower - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

American Tower (ISIN: US03027X1000, WKN: A1JRLA) Kursdatum: 21.07.2017 Kurs: 136,900 USD
Beschreibung Daten
Symbol AMT
Marktkapitalisierung 58.768.842.752,00 USD
Land Vereinigte Staaten von Amerika
Indizes S&P 500
Sektor Immobilien
Rohdaten nach US GAAP in Millionen USD
Aktiensplits
Internet
Letztes Bilanz Update 27.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
44,53 21,74 1,59% 2,75 21,90 69,14 10,16 8,69

Firmenbeschreibung

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)Selected quarterly financial data for the years ended December 31, 2015 and 2014 is as follows (in thousands, except per share data): Three Months Ended Year EndedDecember 31, March 31, June 30, September 30, December 31, 2015:         Operating revenues$1,079,190 $1,174,375 $1,237,910 $1,280,041 $4,771,516Costs of operations (1)264,640 322,458 365,389 356,381 1,308,868Operating income419,966 389,774 400,925 402,124 1,612,789Net income195,492 157,180 97,740 221,595 672,007Net income attributable to American Tower Corporation stockholders193,317 156,056 102,999 232,702 685,074Dividends on preferred stock(9,819) (26,782) (26,781) (26,781) (90,163)Net income attributable to American Tower Corporation common stockholders183,498 129,274 76,218 205,921 594,911Basic net income per share attributable to American Tower Corporation common stockholders 0.45 0.31 0.18 0.49 1.42Diluted net income per share attributable to American Tower Corporation common stockholders 0.45 0.30 0.18 0.48 1.41  Three Months Ended Year EndedDecember 31, March 31, June 30, September 30, December 31, 2014:         Operating revenues$984,089 $1,031,457 $1,038,188 $1,046,314 $4,100,048Costs of operations (1)260,769 272,275 284,202 277,019 1,094,265Operating income353,637 402,499 384,807 345,979 1,486,922Net income193,313 221,659 206,630 181,597 803,199

Firmenstrategie

The accompanying consolidated financial statements include the accounts of the Company and those entities in which it has a controlling interest. Investments in entities that the Company does not control are accounted for using the equity or cost method, depending upon the Company’s ability to exercise significant influence over operating and financial policies. All intercompany accounts and transactions have been eliminated. As of December 31, 2015, the Company has a controlling interest in two joint ventures. The Company established joint ventures in Ghana and Uganda with MTN Group Limited (“MTN Group”). The joint ventures are controlled by a holding company of which a wholly owned subsidiary of the Company holds a 51% interest and a wholly owned subsidiary of MTN Group holds a 49% interest. In addition, the Company holds an approximate 75% controlling interest in a subsidiary of the Company in South Africa and the South African investors hold an approximate 25% noncontrolling interest.

RevenueRecognitionPolicyTextBlock

The Company’s revenue from leasing arrangements, including fixed escalation clauses present in non-cancellable lease agreements, is reported on a straight-line basis over the term of the respective leases when collectibility is reasonably assured. Escalation clauses tied to the Consumer Price Index (“CPI”) or other inflation-based indices, and other incentives present in lease agreements with the Company’s tenants are excluded from the straight-line calculation. Total property straight-line revenues for the years ended December 31, 2015, 2014 and 2013 was $155.0 million, $123.7 million and $147.7 million, respectively. Amounts billed upfront in connection with the execution of lease agreements are initially deferred and reflected in Unearned revenue in the accompanying consolidated balance sheets and recognized as revenue over the terms of the applicable leases. Amounts billed or received for services prior to being earned are deferred and reflected in Unearned revenue in the accompanying consolidated balance sheets until the criteria for recognition have been met.

Services revenues are derived under contracts or arrangements with customers that provide for billings either on a fixed price basis or a variable price basis, which includes factors such as time and expenses. Revenues are recognized as services are performed, and include estimates for percentage completed. Amounts billed or received for services prior to being earned are deferred and reflected in Unearned revenue in the accompanying consolidated balance sheets until the criteria for recognition have been met.

SegmentReportingDisclosureTextBlock

BUSINESS SEGMENTS

During the fourth quarter of 2015, as a result of recent investment activity, including signed acquisitions, the Company reviewed and changed its reportable segments to divide its international segment into three regional segments: Asia property, EMEA property and Latin America property. Prior to this revision, the Company operated in three business segments: (i) domestic rental and management, (ii) international rental and management and (iii) network development services. In addition, the Company changed the title of its domestic segment from domestic rental and management to U.S. property and changed the title of its network development services segment to services. There were no other changes to the U.S. property or the services segments. The change is consistent with how the chief operating decision maker reviews financial performance and operating and business management strategies for each of the five segments. The change in reportable segments had no impact on the Company’s consolidated financial statements for any periods. However, certain expenses previously reflected in segment selling, general, administrative and development expense have been reclassified and are now reflected as Other selling, general, administrative and development expense. Historical financial information included in this Annual Report on Form 10-K has been adjusted to reflect the change in reportable segments.


The Company’s primary business is leasing space on multitenant communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. This business is referred to as the Company’s property operations, which as of December 31, 2015, consisted of the following:

 

U.S.: property operations in the United States;
Asia: property operations in India;
EMEA: property operations in Germany, Ghana, Nigeria, South Africa and Uganda; and
Latin America: property operations in Brazil, Chile, Colombia, Costa Rica, Mexico and Peru.

The Company has applied the aggregation criteria to operations within the EMEA and Latin America property operating segments on a basis consistent with management’s review of information and performance evaluations of these regions.

The Company’s services segment offers tower-related services in the United States, including site acquisition, zoning and permitting services and structural analysis services, which primarily support its site leasing business and the addition of new tenants and equipment on its sites. The services segment is a strategic business unit that offers different services from the property operating segments and requires different resources, skill sets and marketing strategies.

The accounting policies applied in compiling segment information below are similar to those described in note 1. Among other factors, in evaluating financial performance in each business segment, management uses segment gross margin and segment operating profit. The Company defines segment gross margin as segment revenue less segment 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 segment operating profit as segment gross margin less Selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses. For reporting purposes, the Latin America property segment gross margin and segment operating profit also include Interest income, TV Azteca, net. These measures of segment gross margin and segment 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 noncontrolling interest, Income (loss) on equity method investments, and Income tax benefit (provision). The categories of expenses indicated above, such as depreciation, have been excluded from segment operating performance as they are not considered in the review of information or the evaluation of results by management. There are no significant revenues resulting from transactions between the Company’s operating segments. All intercompany transactions are eliminated to reconcile segment results and assets to the consolidated statements of operations and consolidated balance sheets.

Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2015, 2014 and 2013 is shown in the following tables. The “Other” column (i) represents amounts excluded from specific segments, such as business development operations, stock-based compensation expense and corporate expenses included in Selling, general, administrative and development expense; Other operating expenses; Interest income; Interest expense; Gain (loss) on retirement of long-term obligations; and Other income (expense), and (ii) reconciles segment operating profit to Income from continuing operations before income taxes, as the amounts are not utilized in assessing each segment’s performance.

 

EarningsPerSharePolicyTextBlock

Basic net income per common share represents net income attributable to American Tower Corporation common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted net income per common share represents net income attributable to American Tower Corporation common stockholders divided by the weighted average number of common shares outstanding during the period and any dilutive common share equivalents, including (A) shares issuable upon (i) the vesting of RSUs, (ii) exercise of stock options, and (iii) conversion of the Company’s mandatory convertible preferred stock and (B) shares earned upon the achievement of the parameters established for the PSUs, each to the extent not anti-dilutive. Dilutive common share equivalents also include the dilutive impact of the shares issuable in the ALLTEL transaction, which is described in note 17. The Company uses the treasury stock method to calculate the effect of its outstanding RSUs, PSUs and stock options and uses the if-converted method to calculate the effect of its outstanding mandatory convertible preferred stock.

 
 
Property
Total 
Property
 

Services
 
Other
 
Total
Year ended December 31, 2015
 
U.S.
 
Asia
 
EMEA
 
Latin America
 
 
 
(in thousands)
Segment revenues
 
$
3,157,501

 
$
242,223

 
$
395,092

 
$
885,572

 
$
4,680,388

 
$
91,128

 
 
 
$
4,771,516

Segment operating expenses (1)
 
678,499

 
126,874

 
163,820

 
304,629

 
1,273,822

 
32,993

 
 
 
1,306,815

Interest income, TV Azteca, net
 

 

 

 
11,209

 
11,209

 

 
 
 
11,209

Segment gross margin
 
2,479,002

 
115,349

 
231,272

 
592,152

 
3,417,775

 
58,135

 
 
 
3,475,910

Segment selling, general, administrative and development expense (1)
 
138,617

 
22,771

 
48,672

 
62,111

 
272,171

 
15,724

 
 
 
287,895

Segment operating profit
 
$
2,340,385

 
$
92,578

 
$
182,600

 
$
530,041

 
$
3,145,604

 
$
42,411

 
 
 
$
3,188,015

Stock-based compensation expense
 
 
 
 
 
 
 
 
 
 
 
 
 
$
90,537

 
90,537

Other selling, general, administrative and development expense