Press release
SBA Communications Corporation Reports Second Quarter 2024 Results; Updates Full Year 2024 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":" BOCA RATON, Fla.--(BUSINESS WIRE)--\nSBA Communications Corporation (Nasdaq: SBAC) (\"SBA\" or the \"Company\") today reported results for the quarter ended June 30, 2024.\n\n\nHighlights of the second quarter include:\n\n\n\nNet income of $159.5 million or $1.51 per share\n\n\n\nIndustry-leading AFFO per share of $3.29\n\n\n\nIndustry-leading Tower Cash Flow and Adjusted EBITDA margins\n\n\n\nQuarter-ending Net Debt to Annualized Adjusted EBITDA leverage ratio of 6.4x\n\n\n\nIn addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.98 per share of the Company’s Class A Common Stock. The distribution is payable September 18, 2024 to the shareholders of record at the close of business on August 22, 2024.\n\n\n“We posted solid financial results for the second quarter in line with our expectations,” commented Brendan Cavanagh, President and Chief Executive Officer. “New business execution in the US continued at a similar pace to the levels we have experienced the last few quarters, and internationally we saw a pick-up in new leasing activity that will increase the full year revenue contribution from new leases and amendments. Across our markets mobile network operators continue to have meaningful network needs that we are confident will support continued investment for years to come. During the second quarter, we also continued a balanced approach to capital allocation with a mix of portfolio expansion, stock repurchases, dividends and debt reduction. We ended the quarter with a net debt to annualized Adjusted EBITDA leverage ratio of 6.4x and today have an outstanding balance of only $30 million on our $2 billion revolver. I anticipate that we will continue to take a balanced approach to capital allocation for the rest of the year, but also reserving the flexibility to opportunistically take advantage of material value enhancing investment opportunities if they arise. Our business remains very strong, and we are well positioned to capture growth from our customers’ many network needs.”\n\n\nOperating Results\n\n\nThe table below details select financial results for the three months ended June 30, 2024 and comparisons to the prior year period.\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n...