Core Viewpoint - SBA Communications Corporation (SBAC) reported third-quarter 2024 adjusted funds from operations (AFFO) per share of $3.32, meeting the Zacks Consensus Estimate but slightly down from $3.34 in the prior-year quarter [1][2] Financial Performance - Total quarterly revenues decreased by 2.2% year over year to $667.6 million, missing the Zacks Consensus Estimate of $669 million [2] - Site-leasing revenues decreased by 1.8% year over year to $625.7 million, with domestic site-leasing revenues at $464.9 million and international site-leasing revenues at $160.8 million, the latter down by 5.1% year over year [3] - Site development revenues fell by 7.1% year over year to $41.9 million [4] - The adjusted EBITDA totaled $472.6 million, a decrease of 2%, with the adjusted EBITDA margin decreasing to 70.9% from 71.4% in the prior-year quarter [4] Operational Highlights - The company acquired 51 communication sites for $194.1 million and built 147 towers during the quarter, owning or operating a total of 39,762 communication sites as of September 30, 2024 [5] - SBAC spent $12.9 million on land and easements, with total cash capital expenditure at $272.1 million, of which $257.8 million was discretionary [6] Future Outlook - SBAC raised its 2024 guidance, now expecting AFFO per share in the range of $13.20-$13.45, up from the previous range of $13.06-$13.43 [11] - Site-leasing revenues are projected between $2,520-$2,530 million, and site-development revenue guidance has been revised to $140-$150 million [12] Cash Flow and Liquidity - The company generated $304.7 million of net cash from operating activities, down from $313.7 million in the year-ago quarter [8] - As of September 30, 2024, SBAC had $263.6 million in cash and cash equivalents, down from $309.4 million as of June 30, 2024 [9] Dividend Announcement - Concurrent with the earnings release, SBAC announced a cash dividend of 98 cents on its Class A common stock, payable on December 12 to shareholders of record as of November 18, 2024 [10]

Financial Data and Key Metrics Changes - The company increased its full year 2024 outlook across all key financial metrics due to stronger than expected leasing results and services performance [6][7][29] - Domestic same tower revenue growth for Q3 was 5.3% on a gross basis and 2% on a net basis, including 3.3% of churn [26] - International same-tower recurring cash leasing revenue growth was 3.1% net, including 4.3% of churn, with Brazil showing 6.5% gross organic growth [27][28] Business Line Data and Key Metrics Changes - The services business saw revenue up over 23% from the previous quarter and gross profit up over 33% due to increased construction activity from carrier customers [20] - The company anticipates a growing percentage of new business coming from new lease co-locations rather than amendments to existing leases, indicating a shift in business dynamics [7][41] Market Data and Key Metrics Changes - Domestic new carrier activity increased from the first half of the year, with applications and inquiries also on the rise [6][7] - International leasing results were in line with expectations, but challenges remain due to customer consolidations and network rationalization [11][12] Company Strategy and Development Direction - The company is focused on long-term customer relationships and aims to maximize growth through exceptional service and quality [10] - A significant acquisition agreement was signed with Millicom International Cellular for over 7,000 sites in Central America, enhancing the company's scale in the region [14][15] - The company is strategically reviewing operations in existing markets to maximize long-term growth potential and may consider divesting from markets where it lacks scale [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the international business, despite current challenges [13] - The company expects continued strong network investment driven by mobile network consumption growth and limited new spectrum availability [8][9] - Management noted that the services business is performing well and is set up for a strong finish to the year [23] Other Important Information - The company declared a cash dividend of $105.3 million or $0.98 per share for Q3, with a 15% increase expected for the fourth quarter [38] - The company has maintained a strong capital structure with leverage near historical lows and a fully undrawn $2 billion revolver [21][37] Q&A Session Summary Question: Can you size the mix of new leases versus amendments and the outlook for 2025? - Management noted an increase in carrier activity and a shift towards more co-locations, indicating a positive trend for future growth [41][42] Question: Can you provide more color on the Millicom deal's AFFO per share accretion? - Management stated it is premature to provide exact figures but confirmed it will be accretive to AFFO per share once closed [44] Question: What is the expected EBITDA multiple for the Millicom deal? - Management indicated that the incremental SG&A will be between $3 million and $5 million, suggesting a multiple around 11 times for the tower cash flow [48][49] Question: How does the company view its leverage and future capital allocation? - Management expressed no desire to lower leverage further, focusing instead on finding good investment opportunities or share repurchases [66] Question: What is the current churn rate and expectations for improvement? - The current non-Sprint churn rate is about 1.3%, with expectations to reduce it to around 1% next year [88]

PRESENTATION SBA Communications Corporation Third Quarter 2024 Supplemental Financial Data Key Financial and Operational Measures and Non-GAAP Financial Measures 2 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) Cash Site Leasing Revenue, (2) Core Recurring Cash ...

SBA Communications (SBAC) reported $667.6 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 2.2%. EPS of $3.32 for the same period compares to $0.80 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $668.95 million, representing a surprise of -0.20%. The company has not delivered EPS surprise, with the consensus EPS estimate being $3.32.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wa ...

SBA Communications (SBAC) came out with quarterly funds from operations (FFO) of $3.32 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $3.34 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this communications tower operator would post FFO of $3.28 per share when it actually produced FFO of $3.29, delivering a surprise of 0.30%.Over the last four quarters, the company has surpassed consensus FFO estimates two times.SBA ...

Exhibit 99.1 PRESS RELEASE :: FINANCIAL FOR IMMEDIATE RELEASE SBA Communications Corporation Reports Third Quarter 2024 Results; Updates Full Year 2024 Outlook; and Declares Quarterly Cash Dividend Boca Raton, Florida, October 28, 2024 (BUSINESS NEWSWIRE) — SBA Communications Corporation (Nasdaq: SBAC) ("SBA" or the "Company") today reported results for the quarter ended September 30, 2024. Highlights of the third quarter include: • Net income of $255.9 million or $2.40 per share • Industry-leading AFFO per ...

SBA Communications Corporation (SBAC) is scheduled to report third-quarter 2024 results on Oct. 28 after the market closes. The company’s quarterly results may display a decline in revenues and adjusted funds from operations (AFFO) per share year over year.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.In the last reported quarter, this Boca Raton, FL-based communications tower REIT reported an AFFO per share of $3.29, beating the Zacks Consensus Estimate by a whisker. Results refl ...

Analysts on Wall Street project that SBA Communications (SBAC) will announce quarterly earnings of $3.32 per share in its forthcoming report, representing a decline of 0.6% year over year. Revenues are projected to reach $668.95 million, declining 2% from the same quarter last year.The consensus EPS estimate for the quarter has been revised 0.1% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during th ...

Since I last covered SBAC Communications Corporation (NASDAQ: SBAC ) back in May 2023 where I had a Hold position based on the need for a business reinvention, it suffered from a 19% downside as of October last year provingAs a tech-focused industry Research Analyst, I aim to provide differentiated insights, whether it is for investing, trading, or informational reasons. For this purpose, I am not a classical equity researcher from the financial sector, but, I come from the IT world as the Director of Keylo ...

SBA Communications (SBAC) shares soared 4% in the last trading session to close at $249.31. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.2% loss over the past four weeks. The increased investor optimism in the stock can be attributed to the favorable operating environment. This communications tower operator is expected to post quarterly funds from operations ( of $3.32 per share in its upcoming report, which represents a yea ...