PRESENTATION
SBA Communications Corporation
Supplemental Financial Data
Third Quarter 2021
Key Financial and Operational Measures and Non-GAAP Financial 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) Cash Site Leasing Revenue, (2) Core Recurring Cash Leasing Revenue, (3) Tower Cash Flow and Tower Cash Flow Margin, (4) Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin, (5) Return on Invested Capital, (6) Net Debt, Net Secured Debt, Leverage Ratio, Net Cash Interest Coverage Ratio, and Secured Leverage Ratio, (7) Funds From Operations, Adjusted Funds From Operations, and Adjusted Funds From Operations Per Share and (8) certain financial metrics after eliminating the impact of changes in foreign currency exchange rates (collectively, our "Constant Currency Measures") and other identified non-recurring items. The following pages provide reconciliations of these non-GAAP financial measures to their most comparable GAAP measures and the other information required by Regulation G.
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KEY FINANCIAL AND OPERATIONAL MEASURES
Bridge of 2020 Total Site Leasing Revenue to 2021 Guidance ($M)
$2,200 | ||||||||||||||||||
Consolidated | $2,125 | $1,954 | $59 | $51 | $26 | |||||||||||||
$2,050 | ||||||||||||||||||
$52 | ($8) | |||||||||||||||||
$1,975 | $1,747(1) | ($46) | ||||||||||||||||
$1,900 | ||||||||||||||||||
$1,825 | ||||||||||||||||||
$1,750 | ||||||||||||||||||
$28 | $0 | |||||||||||||||||
$1,675 | $46 | $44 | ||||||||||||||||
Domestic | $1,625 | $39 | ||||||||||||||||
$1,575 | $1,443(1) | ($36) | ||||||||||||||||
$1,525 | ||||||||||||||||||
$1,475 | $1,558 | |||||||||||||||||
$1,425 | ||||||||||||||||||
$475 | ||||||||||||||||||
International | $450 | |||||||||||||||||
$425 | $13 | $7 | ||||||||||||||||
$13 | ||||||||||||||||||
($2) | ||||||||||||||||||
$400 | $304(1) | ($10) | ($8) | |||||||||||||||
$375 | $396 | |||||||||||||||||
$350 | 2020 Total Site | New Leases and | Escalations | Churn | Non-Organic | Straight-Line | FX | |||||||||||
Leasing Revenue | Amendments | Revenue(2) | Revenue |
Indicates a reduction in total site leasing revenue
- Represents core recurring cash leasing revenue (see page 5 for reconciliation of this non-GAAP metric)
- Includes contributions from acquisitions and new infrastructure builds
- Includes pass-through reimbursable expenses, amortization of capital contributions for tower augmentations, managed and non-macro business and other miscellaneous items
- Based on guidance issued on November 1, 2021
$12
$2,100
$1
$1,680
$11
$420 | |
Other(3) | 2021 Total Site |
Leasing Revenue | |
Midpoint (4) |
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Reconciliation of Site Leasing Revenue to Core Recurring
Cash Leasing Revenue
FY 2021 YTD | FY 2020 | |||||||||||||
($M) | Consolidated | Domestic | International | Consolidated | Domestic | International | ||||||||
Total Site Leasing Revenue | $ | 1,565 | $ | 1,249 | $ | 316 | $ | 1,954 | $ | 1,558 | $ | 396 | ||
Less: | Straight-Line Revenue | 20 | 23 | (3) | 4 | 6 | (2) | |||||||
Less: | Pass Through Reimbursable Expenses | 99 | 28 | 71 | 121 | 35 | 86 | |||||||
Less: | Amortization of Capital Contributions | 19 | 18 | 1 | 33 | 32 | 1 | |||||||
Less: | Managed and Non-Macro Business | 18 | 17 | 1 | 22 | 21 | 1 | |||||||
Less: | Other Miscellaneous Items | (1) | 22 | 17 | 5 | 27 | 21 | 6 | ||||||
Core Recurring Cash Leasing Revenue | $ | 1,387 | $ | 1,146 | $ | 241 | $ | 1,747 | $ | 1,443 | $ | 304 | ||
%of Total Site Leasing Revenue | ||||||||||||||
Total Site Leasing Revenue | 100% | 100% | 100% | 100% | 100% | 100% | ||||||||
Less: | Straight-Line Revenue | 1% | 2% | -1% | 0% | 0% | -1% | |||||||
Less: | Pass Through Reimbursable Expenses | 6% | 2% | 22% | 6% | 2% | 22% | |||||||
Less: | Amortization of Capital Contributions | 1% | 1% | 0% | 2% | 2% | 0% | |||||||
Less: Managed and Non-Macro Business | 1% | 1% | 0% | 1% | 1% | 0% | ||||||||
Less: | Other Miscellaneous Items | (1) | 1% | 1% | 2% | 1% | 1% | 2% | ||||||
Core Recurring Cash Leasing Revenue | 90% | 93% | 77% | 90% | 94% | 77% |
Note: Percentages may not add up due to rounding
1. Includes out of period billings, cash basis revenues, termination fees and other miscellaneous items
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Disclaimer
SBA Communications Corporation published this content on 29 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2021 21:28:35 UTC.