Press release
SBA Communications Corporation Reports Second Quarter 2023 Results; Updates Full Year 2023 Outlook; Declares Quarterly Cash Dividend; and Announces Newly Signed Master Lease Agreement with AT&T
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":" BOCA RATON, Fla.--(BUSINESS WIRE)--\nSBA Communications Corporation (Nasdaq: SBAC) (\"SBA\" or the \"Company\") today reported results for the quarter ended June 30, 2023.\n\n\nHighlights of the second quarter include:\n\n\n\nNet income of $202.0 million or $1.87 per share\n\n\n\nAFFO per share of $3.24\n\n\n\nSite leasing revenue of $626.1 million, representing a 7.9% growth over the prior year period\n\n\n\nIncreased full year 2023 outlook for Site Leasing Revenue, Tower Cash Flow, Adjusted EBITDA, and AFFO\n\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. The distribution is payable September 20, 2023 to the shareholders of record at the close of business on August 24, 2023.\n\n\nThe Company also announced today that it has entered into a new long-term master lease agreement with AT&T, Inc. (the “MLA”). The comprehensive MLA will streamline AT&T’s deployment of 5G and other next generation technology across SBA’s extensive US tower portfolio, mutually benefitting both companies through securing a committed operating relationship for years into the future.\n\n\n“We posted good financial results for the second quarter, exceeding estimates and our own expectations,” stated Jeffrey A. Stoops, President and Chief Executive Officer. “Customer activity varied by region, with US customers a little less active in the aggregate with their wireless networks than we expected, and international customers a little more active in the aggregate than we expected. Combined, we posted solid growth in site leasing revenue and Tower Cash Flow. We continue to execute very well, growing both our Tower Cash Flow and Adjusted EBITDA margins on a year-over-year basis. We generated solid AFFO in the quarter, providing ample cash for discretionary spending. During the quarter, we dedicated the majority of our discretionary spending to retire floating-rate indebtedness, resulting in quarter-end net debt to Adjusted EBITDA of 6.6x, our lowest leverage ratio in decades. We are also very pleased to announce our newly signed master lease agreement with AT&T. This agreement serves to expand upon our existing strong relationship with AT&T, providing for future leasing growth from AT&T at our tower sites and enhancing efficiencies in the d...