Press release
SBA Communications Corporation Reports Second Quarter 2020 Results; Updates Full Year 2020 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 June
About this update from Sba Communications Corporation
[{"type":"text","content":"\n \n\n BOCA RATON, Fla.--(BUSINESS WIRE)--\nSBA Communications Corporation (Nasdaq: SBAC) (\"SBA\" or the \"Company\") today reported results for the quarter ended June 30, 2020.\n\n\nHighlights of the second quarter include:\n\n\n\nNet income of $22.8 million or $0.20 per share and site leasing revenue of $482.4 million \n\n\nAFFO per share growth of 14.8% over the year earlier period on a constant currency basis\n\n\nTower Cash Flow and Adjusted EBITDA margins of 81.8% and 72.8%, respectively\n\n\nSubsequent to quarter end, issued $1.35 billion of Tower Securities at a blended rate of 2.081%\n\n\n\n“We are very pleased with our second quarter results”, commented Jeffrey A. Stoops. “Through the entire period in all of our markets we operated under Covid-19 conditions, and I am extremely proud of the way in which our team members performed, the levels at which they performed and the fine results we were able to provide our customers and the communities we serve. Our operational performance, as best evidenced by our margins, continues to be excellent, and I commend all of our team members. In the US, activity levels were similar to first quarter levels but slower than the comparable year-ago period. We’ve seen a slower start than we expected to new revenue bookings post the T-Mobile-Sprint merger, but recent increases in leasing activities and backlogs give us confidence in the rest of the year. We expect to see increasing levels of operational activity in the US as we move through the year, with the reported financial results to follow. Internationally, demand remains solid as well although several of our markets have been particularly hard hit by the Covid-19 crisis, which we anticipate temporarily affecting the level of capital investment by some of our international wireless carrier customers. However, in these markets in particular the pandemic has highlighted the critical role of wireless as the primary source of broadband services, even before consideration of all of the benefits 5G service will bring. As business and consumer economic conditions improve in these markets we expect wireless capital spending will increase even more.”\n\n\n“In addition to our strong operational performance, during the second quarter and early third quarter, we took advantage of very favorable capital markets conditions to build a fortress ba...