Slide 1: SBA Communications Corporation Fourth Quarter 2023 Supplemental Financial Data
PRESENTATION SBA Communications Corporation Fourth Quarter 2023 Supplemental Financial Data Key Financial and Operational Measures and Non-GAAP Financial Measures
Slide 2: Supplemental Financial Data 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: Key Financial and Operational Measures
KEY FINANCIAL AND OPERATIONAL MEASURES
Slide 4: Bridge of 2022 Total Site Leasing Revenue to 2023
Bridge of 2022 Total Site Leasing Revenue to 2023 ($M) $2,550 $70 $70 $2 $36 $2,475 $97 Consolidated ($13) $2,400 $2,005(1) ($82) $2,325 $2,517 $2,250 $2,337 $2,175 $2,100 $1,925 $49 $1,875 $78 $4 $10 Domestic $1,825 $1,602(1) ($57) ($15) $0 $1,775 $1,725 $1,847 $1,675 $1,778 $1,625 $1,575 $700 $675
Slide 5: Bridge of 2023 Total Site Leasing Revenue to 2024 Guidance
Bridge of 2023 Total Site Leasing Revenue to 2024 Guidance ($M) $2,700 $70 $2,625 $59 $13 $2,163(1) Consolidated $2,550 ($77) ($23) ($14) $2,475 ($6) $2,400 $2,325 $2,517 $2,539 $2,250 $2,175 $2,100 $2,000 $1,950 $51 $42 $6 $1,900 $0 Domestic $1,676(1) $1,850 ($55) ($23) ($11) $1,800 $1,750 $1,847 $
Slide 6: Reconciliation of Site Leasing Revenue to Core Recurring Cash Leasing Revenue
Reconciliation of Site Leasing Revenue to Core Recurring Cash Leasing Revenue FY 2023 FY 2022 ($M) Consolidated Domestic International Consolidated Domestic International Total Site Leasing Revenue $ 2,517 $ 1,847 $ 670 $ 2,337 $ 1,778 $ 559 Less: Straight-Line Revenue 25 27 (2) 39 42 (3) Less: Pass
Slide 7: 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% 8.8% 8.9% 9.3% 9.1% 8.2% 8.1% 7.5% 7.4% 8.0% Consolidated 6.0% 4.0% 4.7% 4.3% 4.7% 5.1% 4.9% 4.4% 4.3% 2.0% 3.6% 0.0% 4Q 2023 3Q 2023 2Q 2023 1Q 2023 4Q 2022 3Q 2022 2Q 2022 1Q 2022 10.0% 8.6% 8.5% 8.5% 7.8% 8.0% 8.0% 6.9%
Slide 8: Historical Capital Allocation
Historical Capital Allocation ($M) 2023 2022 2021 2020 2019 (in millions) Share Repurchases $ 100.0 $ 431.6 $ 582.5 $ 856.0 $ 470.3 Acquisitions 86.7 1,092.5 1,225.3 181.5 701.5 Dividends 370.0 306.8 253.6 207.7 83.4 Construction and related costs 98.1 103.5 61.2 54.7 57.0 Augmentation and tower upg
Slide 9: 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 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/202
Slide 10: 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 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 (1) Brazilian Real 16.1% 16.0% 16
Slide 11: 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 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 (in thousands) Domestic $ 9,084 $ 9,030 $ 9
Slide 12: 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 13: 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 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 (in thousands) Total $ 5,479 $ 5,623 $ 5,
Slide 14: Return on Invested Capital (ROIC)
Return on Invested Capital (ROIC) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 (in thousands) Adjusted EBITDA (1) $ 1,922,644 $ 1,928,524 $ 1,886,880 $ 1,837,360 $ 1,842,880 $ 1,787,036 $ 1,751,024 $ 1,695,004 (1) Less: Cash taxes (28,392) (37,384) (30,564) (29,7
Slide 15: Non-Cash Straight Line Summary
Non-Cash Straight Line Summary For the year ended December 31, 2024E (1) 2023 2022 2021 2020 2019 2018 (in thousands) Consolidated Non-cash straight-line revenue (2) $ 2,300 $ 25,206 $ 38,206 $ 30,117 $ 3,475 $ 2,645 $ 18,643 (3) Non-cash straight-line ground lease expense (6,500) (686) 2,419 7,766
Slide 16: 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 December 31,
Slide 17: Appendix of Non-GAAP Reconciliations
APPENDIX OF NON-GAAP RECONCILIATIONS
Slide 18: 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 19: 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 20: Tower Cash Flow Reconciliation - 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 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022
Slide 21: Tower Cash Flow Reconciliation - 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 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/
Slide 22: Tower Cash Flow Reconciliation - 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 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2
Slide 23: Tower Cash Flow
Tower Cash Flow The annual reconciliation of Tower Cash Flow is as follows: For the year ended December 31, 2023 2022 2021 2020 2019 (in thousands) Site leasing revenue $ 2,516,935 $ 2,336,575 $ 2,104,087 $ 1,954,472 $ 1,860,858 Site leasing cost of revenues (excluding (472,687) (445,685) (386,391)
Slide 24: 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 25: 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: 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 (in thousands) Net income $ 109,528 $ 85,362 $ 201,970 $
Slide 26: Adjusted EBITDA and Adjusted EBITDA Margin (Quarterly)
Adjusted EBITDA and Adjusted EBITDA Margin The quarterly calculation of Adjusted EBITDA Margin is as follows: 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 (in thousands) Total revenues $ 675,024 $ 682,544 $ 678,500 $ 675,516 $ 686,094 $ 675,584 $ 652,006 $ 619,77
Slide 27: 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, 2023 2022 2021 2020 2019 (in thousands) Net income $ 497,415 $ 459,799 $ 237,624 $ 24,047 $ 147,284 Non-cash straight-line leasing revenue (25,206) (38,675) (30,117)
Slide 28: Adjusted EBITDA Reconciliation, Fourth Quarter Comparison
Adjusted EBITDA and Adjusted EBITDA Margin The quarterly reconciliation of Adjusted EBITDA and the calculation of Annualized Adjusted EBITDA are as follows: 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 (in thousands) Net income $ 109,528 $ 102,580 $ 48,902 $ 106,185 $ 67,556 Non-cash strai
Slide 29: Annual Adjusted EBITDA Margin Calculation
Adjusted EBITDA and Adjusted EBITDA Margin The annual calculation of Adjusted EBITDA Margin is as follows: For the year ended December 31, 2023 2022 2021 2020 2019 (in thousands) Total revenues $2,711,584 $2,633,454 $2,308,834 $2,083,138 $2,014,645 Non-cash straight-line leasing revenue (25,206) (38
Slide 30: Funds From Operations, Adjusted Funds From Operations and AFFO Per Share
Funds From Operations, Adjusted Funds From Operations and Adjusted Funds From Operations Per Share Funds From Operations, or FFO, is defined as net income (loss) plus real estate related depreciation, amortization and accretion, asset impairment and decommission costs, and adjustments for unconsolid
Slide 31: Annual FFO, AFFO and AFFO Per Share
Funds From Operations, Adjusted Funds From Operations and Adjusted Funds From Operations Per Share The annual calculation of Funds From Operations, Adjusted Funds From Operations and Adjusted Funds From Operations Per Share is as follows: For the year ended December 31, 2023 2022 (in thousands) ($ p
Slide 32: Quarterly FFO, AFFO and AFFO Per Share
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: 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2
Slide 33: FFO Per Share and AFFO Per Share
Funds From Operations Per Share and Adjusted Funds From Operations Per Share 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 (in thousands) ($ per share) Net income $ 1.01 $ 0.78 $ 1.85 $ 0.92 $ 0.94 $ 0.91 $ 0.63 $ 1.72 1.56 1.64 1.65 1.66 1.67 1.58 1.60 1.58 Real
Slide 34: 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 35: Net Debt and Leverage Ratio
Net Debt and Leverage Ratio The calculations of Net Debt and Leverage Ratio are as follows: 12/31/2023 (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 36: Net Debt and Leverage Ratio (Quarterly)
Net Debt and Leverage Ratio The quarterly calculations of Net Debt and Leverage Ratio are as follows: 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 (in thousands) Total Debt (notional) $ 12,388,000 $ 12,584,000 $ 12,670,000 $ 12,901,000 $ 12,952,000 $ 12,438,000 $
Slide 37: Net Debt and Leverage Ratio (Annual)
Net Debt and Leverage Ratio The quarterly calculations of Net Debt and Leverage Ratio are as follows: 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 (in thousands) Total Debt (notional) $ 12,388,000 $ 12,952,000 $ 12,396,000 $ 11,180,000 $ 10,414,000 Less: Cash and cash equivalents, short-te
Slide 38: Net Cash Interest Coverage Ratio
Net Cash Interest Coverage Ratio The quarterly calculation of Net Cash Interest Coverage Ratio is as follows: 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 (in thousands) Adjusted EBITDA $ 480,661 $ 482,131 $ 471,720 $ 459,340 $ 460,720 $ 446,759 $ 437,756 $ 423,7
Slide 39: 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: 12/31/2023 (in thousands) (1) Total debt $ 12,388,000 Less: (1) Unsecured debt (3,000,000) (1) Secured debt $ 9,388,000 Less: Cash and cash equivalents, short-term investments
Slide 40: Thank You
THANK YOU 40