Sba Communications Corporation · NASDAQ:SBAC
Sba Communications — Q4 2024 Earnings Presentation
17 slides from Sba Communications's earnings presentation, Feb 24, 2025
Slide 1: Supplemental Financial Data Fourth Quarter 2024
SBA COMMUNICATIONS CORPORATION Supplemental Financial Data Key Financial and Operations Measures and Non-GAAP Financial Measures Fourth Quarter 2024 sbasite.com
Slide 2: Supplemental Financial Data package introduction and non-GAAP measures
This Supplemental Financial Data package provides key financial and operational data as well as reconciliations of those non-GAAP financial measures that SBA Communications Corporation (“SBA” or “We”) use in evaluating the performance of our business. These non-GAAP financial measures include (1) Ca
Slide 3: Table of Contents
Table of Contents Title Page Consolidated Core Leasing Revenue and Organic Growth Rates…................................................................................................................................ 1 Domestic Core Leasing Revenue and Organic Growth Rates…..........................
Slide 4: Consolidated Core Leasing Revenue and Organic Growth Rates
Consolidated Core Leasing Revenue and Organic Growth Rates 2022 2023 2024 ($ millions - totals may not add due to rounding) Full Year Full Year Full Year Segment Revenue $ 2,337 $ 2,517 $ 2,527 Segment Cost of Revenue (Excluding Depreciation, Accretion, and Amortization) (446) (473) (463) Segment Op
Slide 5: Domestic Core Leasing Revenue and Organic Growth Rates
Domestic Core Leasing Revenue and Organic Growth Rates 2022 2023 2024 ($ millions - totals may not add due to rounding) Full Year Full Year Full Year Segment Revenue $ 1,778 $ 1,847 $ 1,862 Segment Cost of Revenue (Excluding Depreciation, Accretion, and Amortization) (264) (269) (269) Segment Operat
Slide 6: International Core Leasing Revenue and Organic Growth Rates
International Core Leasing Revenue and Organic Growth Rates 2022 2023 2024 ($ millions - totals may not add due to rounding) Full Year Full Year Full Year Segment Revenue $ 559 $ 670 $ 665 Segment Cost of Revenue (Excluding Depreciation, Accretion, and Amortization) (182) (204) (194) Segment Operati
Slide 7: Historical Capital Allocation and Return on Invested Capital (ROIC)
Historical Capital Allocation and Return on Invested Capital (ROIC) Historical Capital Allocation ($M) 2020 2021 2022 2023 2024 (in millions) Share Repurchases $ 856.0 $ 582.5 $ 431.6 $ 100.0 $ 200.0 Acquisitions 181.5 1,225.3 1,092.5 86.7 241.8 Dividends 207.7 253.6 306.8 370.0 424.2 Construction a
Slide 8: Customer Concentration, Portfolio Summary, & Selected Foreign Currency Exposure
Customer Concentration, Portfolio Summary, & Selected Foreign Currency Exposure Customer Concentration The following is a list of significant customers and the percentage of total segment revenue for the specified time periods derived from such customers (1) Percentage of Domestic Site Leasing Reven
Slide 9: Non-Cash Straight-line Summary
Non-Cash Straight-line Summary The following is a summary of Non-cash Straight-line Revenue by segment: For the year ended December 31, (3) 2019 2020 2021 2022 2023 2024 2025E (in thousands) (1) Domestic $ 1,603 $ 5,733 $ 33,814 $ 41,763 $ 27,026 $ 11,200 $ (11,000) (1) International 1,042 (2,258) (
Slide 10: Other Supplemental Data
Other Supplemental Data Pass Through Reimbursable Expenses The following is a summary of pass through reimbursable expenses which are associated with site leasing revenue. For the three months ended 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 (in thousands) Dome
Slide 11: Appendix of Non-GAAP Reconciliations
Appendix of Non-GAAP Reconciliations Cash Site Leasing Revenue, Tower Cash Flow and Tower Cash Flow Margin Cash Site Leasing Revenue is defined as site leasing revenue less non-cash straight-line site leasing revenue. Tower Cash Flow is defined as Cash Site Leasing Revenue less site leasing cost of
Slide 12: Cash Site Leasing Revenue, Tower Cash Flow, and Tower Cash Flow Margin
Cash Site Leasing Revenue, Tower Cash Flow, and Tower Cash Flow Margin The quarterly reconciliation of Cash Site Leasing Revenue and Tower Cash Flow, and the calculation of Tower Cash Flow Margin for our Domestic, International, and Consolidated segments are as follows: Consolidated For the three mo
Slide 13: Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin
Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin Adjusted EBITDA and Annualized Adjusted EBITDA The quarterly reconciliation of Adjusted EBITDA and the calculation of Annualized Adjusted EBITDA are as follows: For the three months ended 3/31/2023 6/30/2023 9/30/2023 12/31/2023
Slide 14: Annual Reconciliations for Adjusted EBITDA, Adjusted EBITDA Margin, and Tower Cash Flow
Annual Reconciliations for Adjusted EBITDA, Adjusted EBITDA Margin, and Tower Cash Flow Adjusted EBITDA The annual reconciliation of Adjusted EBITDA is as follows: For the year ended December 31st, 2020 2021 2022 2023 2024 (in thousands) Net income $ 24,047 $ 237,624 $ 459,799 $ 497,415 $ 748,677 No
Slide 15: Funds From Operations, Adjusted Funds From Operations, and Adjusted Funds From Operations Per Share
Funds From Operations, Adjusted Funds From Operations, and Adjusted Funds From Operations Per Share The annual calculation of Funds From Operations, Adjusted Funds From Operations, and Adjusted Funds From Operations Per Share is as follows: 2023 2024 (in thousands) ($ per share) (in thousands) ($ pe
Slide 16: Net Debt, Leverage Ratio, and Debt Maturity
Net Debt, Leverage Ratio, and Debt Maturity The calculations of Net Debt, Leverage Ratio, Net Secured Debt, and Secured Leverage Ratio are as follows: As of 12/31/2024 Principal Interest Rate Maturity Date Balance (in thousands) 2014-2C Tower Securities(3)(4) 3.869% 10/8/2024 $ - 2019-1C Tower Secur
Slide 17: Net Debt, Leverage Ratio, and Net Cash Interest Coverage Ratio
Net Debt, Leverage Ratio, and Net Cash Interest Coverage Ratio The quarterly calculations of Net Debt and Leverage Ratio are as follows: For the three months ended 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 (in thousands) Total Debt (notional) $ 12,901,000 $ 12