SBA(SBAC) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $178.8 million, or $1.61 per share, representing a 63.3% increase compared to Q4 2023[4] - The company achieved an industry-leading AFFO per share of $3.47, up 3.0% from $3.37 in the prior year[4] - Operating income for Q4 2024 was $382,339 thousand, significantly higher than $209,687 thousand in Q4 2023, indicating an increase of approximately 82.2%[38] - Net income attributable to SBA Communications Corporation for the year 2024 was $749,536 thousand, compared to $501,812 thousand in 2023, marking an increase of approximately 49.3%[38] - Net income for the three months ended December 31, 2024, was $178.79 million, up from $109.53 million in 2023, reflecting a year-over-year increase of 62.9%[44] - The company reported a net income per common share of $1.61 for Q4 2024, up from $1.01 in Q4 2023[38] Revenue and Growth - Site leasing revenue for Q4 2024 was $646.3 million, a 1.6% increase from $636.1 million in Q4 2023[6] - Total revenues for the year 2024 were $2,679,634 thousand, a decrease from $2,711,584 thousand in 2023, representing a decline of about 1.18%[38] - Total Site Leasing Revenue for 2024 is projected to be between $2,530 million and $2,555 million, with domestic revenue expected to be between $1,857 million and $1,871 million, and international revenue between $673 million and $684 million[26] - Forecasted site leasing revenue for the full year 2025 is projected to be between $2,530.0 million and $2,555.0 million[57] - Forecasted Tower Cash Flow for the full year 2025 is expected to range from $2,040.0 million to $2,065.0 million[57] Expenses and Capital Expenditures - Total operating expenses for the year 2024 were $1,243,871 thousand, down from $1,787,925 thousand in 2023, reflecting a decrease of approximately 30.5%[38] - The company plans to spend between $1,255.0 million and $1,275.0 million on discretionary cash capital expenditures in 2025[21] - Total capital expenditures for the year ended December 31, 2024, amounted to $228.15 million, compared to $228.15 million in 2023, indicating stable investment levels[45] Debt and Financial Ratios - The net debt to Adjusted EBITDA leverage ratio was 6.1x, the lowest in company history, with no remaining debt maturities in 2025[3] - Long-term debt increased to $12.40 billion in 2024 from $11.68 billion in 2023, reflecting a rise of 6.1%[41] - Total debt amounts to $13,672,750,000[70] - Net debt stands at $12,021,722,000 after accounting for cash and equivalents[70] - The leverage ratio is calculated at 6.1x based on annualized adjusted EBITDA of $1,957,000,000[70] Dividends - The company declared a quarterly cash dividend of $1.11 per share, an increase of approximately 13% over the previous quarter[2] - The company expects its quarterly dividend to represent approximately 35% of AFFO in the 2025 outlook[29] Acquisitions and Future Outlook - The company expects to close the Millicom acquisition by September 1, 2025, pending regulatory approvals[19] - The Millicom acquisition is pending, with expected benefits including increased revenue and tower cash flows[29] - Foreign currency exchange rate assumptions negatively impacted the 2025 outlook by approximately $25.1 million for leasing revenue[20] - The company anticipates continued growth in the U.S. driven by market demands and investments from customers[29] Cash and Assets - Cash, cash equivalents, and restricted cash at the end of the period reached $1.40 billion, a significant increase from $250.95 million at the end of 2023[44] - Total assets increased to $11.42 billion in 2024 from $10.18 billion in 2023, representing a growth of 12.2%[41] Site Leasing and International Revenue - International cash site leasing revenue grew by 1.4% year-over-year, with a significant foreign currency impact of (11.3%) and a growth rate of 12.7% excluding foreign currency impact[55] - Total cash site leasing revenue for Q4 2024 was $646.1 million, an increase from $632.3 million in Q4 2023[56] - Total site leasing revenue increased by 1.6% year-over-year, with a foreign currency impact of (3.0%) and a growth rate of 4.6% excluding foreign currency impact[55]