Press release
SBA Communications Corporation Reports Fourth Quarter 2019 Results
Provides Full Year 2020 Outlook; and Declares Quarterly Cash Dividend BOCA RATON, Fla.--(BUSINESS WIRE)-- SBA Communications Corporation (Nasdaq: SBAC)
About this update from Sba Communications Corporation
[{"type":"text","content":"\nProvides Full Year 2020 Outlook; and Declares Quarterly Cash Dividend\n\n BOCA RATON, Fla.--(BUSINESS WIRE)--\nSBA Communications Corporation (Nasdaq: SBAC) (\"SBA\" or the \"Company\") today reported results for the quarter ended December 31, 2019.\n\n\nHighlights of the fourth quarter include:\n\n\n\nNet income of $67.4 million or $0.59 per share and site leasing revenue of $481.1 million\n\n\nAFFO per share growth of 10.0% over the year earlier period on a constant currency basis\n\n\nTower Cash Flow and Adjusted EBITDA margins of 81.0% and 71.0%, respectively\n\n\nPortfolio growth of 9.6% for the year, including 1,499 sites added during the quarter\n\n\nIssued $1.0 billion of unsecured senior notes at 3.875% per annum subsequent to the quarter\n\n\nRepurchased 0.9 million shares \n\n\n\nIn addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.465 per share of the Company’s Class A common stock, an increase of 25.7% over the dividend paid in the fourth quarter. The distribution is payable March 26, 2020 to the shareholders of record at the close of business on March 10, 2020. \n\n\n“We are very pleased with our finish to 2019 and our positioning for 2020 and beyond,” commented Jeffrey A. Stoops, President and Chief Executive Officer. “Notwithstanding the pronounced industry slowdown in the U.S. that began in August resulting from the legal challenges to the T-Mobile acquisition of Sprint, we finished the year very well, producing material growth in AFFO per share ahead of plan. For the first time, we exceeded $2 billion in revenue in a year. In the fourth quarter, we continued to execute very well operationally, repurchased almost 1 million shares of our stock at very attractive prices, repriced over 20% of our debt to lower interest rates and added approximately 1,500 sites to our portfolio, bringing total portfolio growth for the year to over 9%. We did all of this while staying at the low end of our target leverage range and maintaining excellent liquidity. Our international markets continued to perform very well, particularly Brazil and South Africa, our two largest international markets, on a constant currency basis.”\n\n\n“With the recent developments regarding the T-Mobile/Sprint transaction, the ability for Dish to become the 4th nationwide carrier now clear, ...