Press release
SBA Communications Corporation Reports Fourth Quarter 2022 Results; Provides Full Year 2023 Outlook; and Declares Quarterly Cash Dividend
BOCA RATON, Fla.--(BUSINESS WIRE)-- SBA Communications Corporation (Nasdaq: SBAC) ("SBA" or the "Company") today reported results for the quarter ended
About this update from Sba Communications Corporation
[{"type":"text","content":" BOCA RATON, Fla.--(BUSINESS WIRE)--\nSBA Communications Corporation (Nasdaq: SBAC) (\"SBA\" or the \"Company\") today reported results for the quarter ended December 31, 2022.\n\nHighlights of the fourth quarter include:\n\n\nNet income of $102.6 million or $0.94 per share\n\n\nAFFO per share increased 11.0% over the prior year period\n\n\nTotal revenue of $686.1 million, representing a 15.3% growth over the prior year period\n\n\nPortfolio growth of 15.0% for the year, including 2,792 sites added during the quarter\n\n\nRefinanced the 2018-1C Tower Securities making the next scheduled debt maturity October 2024\n\n\nIn addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.85 per share of the Company’s Class A Common Stock, an increase of approximately 20% over the dividend paid in the fourth quarter. The distribution is payable March 24, 2023 to the shareholders of record at the close of business on March 10, 2023.\n\n“We had a very solid finish to 2022, producing record annual results on a number of metrics and positioning us well for 2023,” commented Jeffrey A. Stoops, President and Chief Executive Officer. “The US market remains active, with our largest US customers expected to all stay relatively busy with additional network deployment in 2023. We believe domestic activity will remain solid through 2023 and perhaps beyond, given the size and scope of our customers’ 5G deployment plans and our belief that much 5G work remains to be done on our assets. International results were strong as well in the fourth quarter, and gross leasing demand is expected to remain solid internationally. Last year was a remarkable year in terms of portfolio growth and balance sheet management. We grew our portfolio materially by 15%, providing us with additional growth assets in several markets. We were still able to end the year with our balance sheet in great shape, below the low end of our target net debt/Adjusted EBITDA leverage ratio as we used AFFO to reduce floating-rate debt in a materially higher interest rate environment. All of these favorable results allowed us to increase AFFO per share by double-digit percentages in the fourth quarter and for the full 2022 fiscal year over comparable prior periods. We are extremely confident and excited about our future, so much so that we h...