Q3 for Supplemental Financial Data 2021-Q3 2021

10/29/2021 EDT

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.

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

$1,680

$11

	$420
Other(3)	2021 Total Site
	Leasing Revenue
	Midpoint (4)

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

Attachments

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.

SBA COMMUNICATIONS CORPORATION

Q3 for Supplemental Financial Data 2021-Q3 2021

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