Slide 1: SBA Communications Corporation First Quarter 2023 Supplemental Financial Data
PRESENTATION SBA Communications Corporation First Quarter 2023 Supplemental Financial Data Key Financial and Operational Measures and Non-GAAP Financial Measures
Slide 2: Supplemental Financial Data and non-GAAP measures notice
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: Key Financial and Operational Measures
KEY FINANCIAL AND OPERATIONAL MEASURES
Slide 4: Bridge of 2022 Total Site Leasing Revenue to 2023 Guidance
Bridge of 2022 Total Site Leasing Revenue to 2023 Guidance ($M) $2,550 $72 $23 $70 Consolidated $2,475 $90 ($16) ($4) $2,400 $2,005(1) ($81) $2,325 $2,491 $2,250 $2,337 $2,175 $2,100 $1,925 $49 $1,875 $72 $4 $10 Domestic $1,825 $1,602(1) ($55) ($18) $0 $1,775 $1,725 $1,840 $1,675 $1,778 $1,625 $1,57
Slide 5: Reconciliation of Site Leasing Revenue to Core Recurring Cash Leasing Revenue
Reconciliation of Site Leasing Revenue to Core Recurring Cash Leasing Revenue YTD 2023 FY 2022 ($M) Consolidated Domestic International Consolidated Domestic International Total Site Leasing Revenue $ 617 $ 455 $ 162 $ 2,337 $ 1,778 $ 559 Less: Straight-Line Revenue 6 7 (1) 39 42 (3) Less: Pass Thro
Slide 6: Historical Same Tower Y-o-Y Organic Leasing Revenue Growth Rates
Historical Same Tower Y-o-Y Organic Leasing Revenue Growth Rates (%)(1) 10.0% 8.9% 9.3% 9.1% 8.1% 7.4% Consolidated 8.0% 6.7% 6.1% 5.9% 6.0% 4.0% 4.7% 5.1% 4.9% 4.4% 4.3% 2.0% 4.0% 3.6% 3.4% 0.0% 1Q 2023 4Q 2022 3Q 2022 2Q 2022 1Q 2022 4Q 2021 3Q 2021 2Q 2021 10.0% 8.5% 8.5% 8.0% 8.0% 7.1% 6.4% 6.3%
Slide 7: Historical Capital Allocation
Historical Capital Allocation ($M) 2023 YTD 2022 2021 2020 2019 (in millions) Share Repurchases $ - $ 431.6 $ 582.5 $ 856.0 $ 470.3 Acquisitions 12.8 1,092.5 1,225.3 181.5 701.5 Dividends 93.9 306.8 253.6 207.7 83.4 Construction and related costs 21.6 103.5 61.2 54.7 57.0 Augmentation and tower upgr
Slide 8: Customer Concentration
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 Revenue For the three months ended 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022
Slide 9: Selected Foreign Currency Exposure
Selected Foreign Currency Exposure The following is a summary of the percentage of Total Cash Site Leasing Revenue generated in non-U.S. dollars by currency. For the three months ended 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Brazilian Real(1) 15.5% 15.1% 12.
Slide 10: Pass Through Reimbursable Expenses
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 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 (in thousands) Domestic $ 9,304 $ 9,177 $ 9
Slide 11: Tower Cash Flow Margin and Adjusted EBITDA Margin Excluding Pass Through Reimbursable Expenses
Tower Cash Flow Margin and Adjusted EBITDA Margin Excluding Pass Through Reimbursable Expenses Tower Cash Flow Margin and Adjusted EBITDA Margin excluding pass through reimbursable expenses which are associated with site leasing revenue are non-GAAP measures that we believe provide investors informa
Slide 12: Amortization of Capital Contributions
Amortization of Capital Contributions The following is a summary of amortization of capital contributions for tower augmentations as leasing revenue. For the three months ended 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 (in thousands) Total $ 5,159 $ 5,772 $ 5,
Slide 13: Return on Invested Capital (ROIC)
Return on Invested Capital (ROIC) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 (in thousands) Adjusted EBITDA (1) $ 1,837,360 $ 1,842,880 $ 1,787,036 $ 1,751,024 $ 1,695,004 $ 1,636,212 $ 1,627,856 $ 1,600,776 (1) Less: Cash taxes (29,780) (36,944) (42,600) (31,7
Slide 14: Non-Cash Straight Line Summary
Non-Cash Straight Line Summary For the year ended December 31, 2024E (1) 2023E (1) 2022 2021 2020 2019 2018 (in thousands) Consolidated (2) Non-cash straight-line revenue $ (8,000) $ 23,200 $ 38,206 $ 30,117 $ 3,475 $ 2,645 $ 18,643 (3) Non-cash straight-line ground lease expense (8,700) (1,000) 2,4
Slide 15: Segment Profitability
Segment Profitability Segment Operating Profit and Segment Operating Profit Margin for the Three Months are as follows: Domestic Site Leasing Int'l Site Leasing Total Site Leasing Site Development For the three months For the three months For the three months For the three months ended March 31, end
Slide 16: Appendix of Non-GAAP Reconciliations
APPENDIX OF NON-GAAP RECONCILIATIONS
Slide 17: Constant Currency Measures
Constant Currency Measures We eliminate the impact of changes in foreign currency exchange rates for each of the following financial metrics (collectively, our “Constant Currency Measures”) by dividing the current period’s financial results by the average monthly exchange rates of the prior year per
Slide 18: Cash Site Leasing Revenue, Tower Cash Flow and Tower Cash Flow Margin
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 revenues net of non-cash straight-lin
Slide 19: Cash Site Leasing Revenue, Tower Cash Flow and Tower Cash Flow Margin: Domestic
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 is as follows: Domestic 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021
Slide 20: Cash Site Leasing Revenue, Tower Cash Flow and Tower Cash Flow Margin: International
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 is as follows: International 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/
Slide 21: Cash Site Leasing Revenue, Tower Cash Flow and Tower Cash Flow Margin: Consolidated
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 is as follows: Consolidated 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2
Slide 22: Tower Cash Flow
Tower Cash Flow The annual reconciliation of Tower Cash Flow is as follows: For the year ended December 31, 2022 2021 2020 2019 2018 (in thousands) Site leasing revenue $ 2,336,575 $ 2,104,087 $ 1,954,472 $ 1,860,858 $ 1,740,434 Site leasing cost of revenues (excluding (445,685) (386,391) (373,778)
Slide 23: Adjusted EBITDA, Annualized Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA, Annualized Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA is defined as net income (loss) excluding the impact of interest expense, interest income, provision for or benefit from taxes, depreciation, accretion and amortization, asset impairment and decommission costs, no
Slide 24: Adjusted EBITDA and Annualized Adjusted EBITDA
Adjusted EBITDA and Annualized Adjusted EBITDA The quarterly reconciliation of Adjusted EBITDA and the calculation of Annualized Adjusted EBITDA are as follows: 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 (in thousands) Net income $ 100,554 $ 102,580 $ 99,762 $
Slide 25: Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA Margin The quarterly calculation of Adjusted EBITDA Margin is as follows: 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 (in thousands) Total revenues $ 675,516 $ 686,094 $ 675,584 $ 652,006 $ 619,770 $ 595,262 $ 589,305 $ 575,52
Slide 26: Adjusted EBITDA and Adjusted EBITDA Margin: Annual
Adjusted EBITDA and Adjusted EBITDA Margin The annual reconciliation of Adjusted EBITDA is as follows: For the year ended December 31, 2022 2021 2020 2019 2018 (in thousands) Net income $ 459,799 $ 237,624 $ 24,047 $ 147,284 $ 47,451 Non-cash straight-line leasing revenue (38,675) (30,117) (3,475) (
Slide 27: Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA Margin The quarterly reconciliation of Adjusted EBITDA and the calculation of Annualized Adjusted EBITDA are as follows: 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 (in thousands) Net income $ 102,580 $ 48,902 $ 106,185 $ 67,556 $ 57,152 Non-cash straig
Slide 28: Adjusted EBITDA and Adjusted EBITDA Margin: Annual Calculation
Adjusted EBITDA and Adjusted EBITDA Margin The annual calculation of Adjusted EBITDA Margin is as follows: For the year ended December 31, 2022 2021 2020 2019 2018 (in thousands) Total revenues $ 2,633,454 $ 2,308,834 $ 2,083,138 $ 2,014,645 $ 1,865,695 Non-cash straight-line leasing revenue (38,675
Slide 29: Funds From Operations, Adjusted Funds From Operations and AFFO Per Share
Funds From Operations, Adjusted Funds From Operations and Adjusted Funds From Operations Per Share Funds From Operations, or FFO, is defined as net income (loss) plus real estate related depreciation, amortization and accretion, asset impairment and decommission costs, and adjustments for unconsolid
Slide 30: FFO, AFFO and AFFO Per Share: Annual Calculation
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: For the year ended December 31, 2022 2021 (in thousands) ($ p
Slide 31: FFO, AFFO and AFFO Per Share: Quarterly Calculation
Funds From Operations, Adjusted Funds From Operations and Adjusted Funds From Operations Per Share The quarterly calculation of Funds From Operations, Adjusted Funds From Operations and Adjusted Funds From Operations Per Share is as follows: 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2
Slide 32: FFO Per Share and AFFO Per Share
Funds From Operations Per Share and Adjusted Funds From Operations Per Share 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 ($ per share) Net income $ 0.92 $ 0.94 $ 0.91 $ 0.63 $ 1.72 $ 0.44 $ 0.43 $ 1.37 Real estate related depreciation, amortization and accretion
Slide 33: Net Debt, Leverage Ratio and Net Cash Interest Coverage Ratio
Net Debt, Leverage Ratio and Net Cash Interest Coverage Ratio Net Debt is defined as the notional principal amount of outstanding debt minus cash and cash equivalents, short-term investments, and short-term restricted cash. Net Secured Debt is defined as the notional principal amount of outstanding
Slide 34: Net Debt and Leverage Ratio
Net Debt and Leverage Ratio The calculations of Net Debt and Leverage Ratio are as follows: 3/31/2023 (in thousands) 2014-2C Tower Securities 620,000 2019-1C Tower Securities 1,165,000 2020-1C Tower Securities 750,000 2020-2C Tower Securities 600,000 2021-1C Tower Securities 1,165,000 2021-2C Tower
Slide 35: Net Debt and Leverage Ratio: Quarterly
Net Debt and Leverage Ratio The quarterly calculations of Net Debt and Leverage Ratio are as follows: 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 (in thousands) Total Debt (notional) $ 12,901,000 $ 12,952,000 $ 12,438,000 $ 12,564,000 $ 12,720,000 $ 12,396,000 $
Slide 36: Net Debt and Leverage Ratio: Annual
Net Debt and Leverage Ratio The quarterly calculations of Net Debt and Leverage Ratio are as follows: 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 (in thousands) Total Debt (notional) $ 12,952,000 $ 12,396,000 $ 11,180,000 $ 10,414,000 $ 10,028,000 Less: Cash and cash equivalents, short-te
Slide 37: Net Cash Interest Coverage Ratio
Net Cash Interest Coverage Ratio The quarterly calculation of Net Cash Interest Coverage Ratio is as follows: 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 (in thousands) Adjusted EBITDA $ 459,340 $ 460,720 $ 446,759 $ 437,756 $ 423,751 $ 409,053 $ 406,964 $ 400,1
Slide 38: Net Secured Debt and Secured Leverage Ratio
Net Secured Debt and Secured Leverage Ratio The calculations of Net Secured Debt and Secured Leverage Ratio are as follows: 3/31/2023 (in thousands) (1) Total debt $ 12,901,000 Less: (1) Unsecured debt (3,000,000) (1) Secured debt $ 9,901,000 Less: Cash and cash equivalents, short-term investments a
Slide 39: Thank You
THANK YOU 39