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  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-07-17 00:00:00",
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  "notes": "The text argues that the era of rapid revenue growth from network upgrades is ending for tower operators.",
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      "text": "We see the days of carriers blowing through their built-in escalators as largely a phenomenon of the past.",
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      "text": "We believe that the carriers will soon have most of the headroom they need under the MLAs to upgrade their networks for two reasons; therefore, amendments will generate much less revenue than they have in recent years. First, the carriers have already completed the vast majority of their network upgrades that will take place on towers. VZ’s CEO has said that VZ is 95% done with its 4G upgrades. Second, as explained supra carriers are now using alternatives to macro towers (including network equipment sharing), and these alternatives can have much lower lifetime costs to the carriers than does the tower model. Both VZ and T will be densifying their networks largely with “small cells” (see Cellular Towers Are Soon To Become the Most Expensive Option of Last Resort; The Halcyon Days Are Over supra). T-Mobile US, Inc. (NYSE: TMUS) is only 50% finished with its network upgrades, but it expects to only increasing network service spending 2% in 2013, after which it should be substantially done with its 4G upgrades.165 We see the days of carriers blowing through their built-in escalators as largely a phenomenon of the past.",
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      "text": "Destruction; CCI Is More Prudent supra). It would be hard to justify withholding MLAs for “competitive reasons” in this industry – there does not appear to be any valuable intellectual property in this business model.",
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      "text": "Page 76 of 118",
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      "text": "165 Conversation with TMUS investor relations.",
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