PRESENTATION
SBA Communications Corporation
Supplemental Financial Data
First Quarter 2024
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 2023 Total Site Leasing Revenue to 2024 Guidance ($M)
$2,650 | $59 | $70 | $13 | ||||||||
$2,575 | |||||||||||
Consolidated | $2,163(1) | ($79) | ($23) | ||||||||
$2,500 | ($16) | ($14) | |||||||||
$2,425 | $2,517 | ||||||||||
$2,350 | |||||||||||
$2,275 | |||||||||||
$2,200 | |||||||||||
$2,000 | $51 | ||||||||||
$1,950 | |||||||||||
Domestic | $42 | $6 | $0 | ||||||||
$1,900 | $1,676(1) | ||||||||||
($55) | |||||||||||
$1,850 | ($23) | ($11) | |||||||||
$1,800 | |||||||||||
$1,750 | $1,847 | ||||||||||
$1,700 | |||||||||||
$1,650 | |||||||||||
$1,600 | |||||||||||
$750 | |||||||||||
International | $725 | $17 | $19 | $7 | $0 | ||||||
$700 | $487(1) | ||||||||||
$675 | |||||||||||
($24) | ($16) | ($3) | |||||||||
$650 | |||||||||||
$625 | $670 | ||||||||||
$600 | |||||||||||
$575 | |||||||||||
$550 | Other (3) | ||||||||||
2023 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 April 29, 2024
$2,527
$1,857
$670
2024 Total Site
Leasing Revenue
Midpoint (4)
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Reconciliation of Site Leasing Revenue to Core Recurring
Cash Leasing Revenue
YTD 2024 | FY 2023 | ||||||||||||||
($M) | Consolidated | Domestic | International | Consolidated | Domestic | International | |||||||||
Total Site Leasing Revenue | $ | 628 | $ | 461 | $ | 167 | $ | 2,517 | $ | 1,847 | $ | 670 | |||
Less: | Straight-Line Revenue | 4 | 5 | (1) | 25 | 27 | (2) | ||||||||
Less: | Pass Through Reimbursable Expenses | 47 | 9 | 38 | 196 | 37 | 159 | ||||||||
Less: | Amortization of Capital Contributions | 5 | 5 | 0 | 21 | 20 | 1 | ||||||||
Less: | Managed and Subleased Businesses | 4 | 4 | 0 | 19 | 18 | 1 | ||||||||
Less: | Non-Macro Businesses | (1) | 8 | 6 | 2 | 35 | 26 | 9 | |||||||
Less: | Other Miscellaneous Items | (2) | 11 | 8 | 3 | 58 | 43 | 15 | |||||||
Core Recurring Cash Leasing Revenue | $ | 549 | $ | 424 | $ | 125 | $ | 2,163 | $ | 1,676 | $ | 487 | |||
%of Total Site Leasing Revenue | |||||||||||||||
Total Site Leasing Revenue | 100% | 100% | 100% | 100% | 100% | 100% | |||||||||
Less: | Straight-Line Revenue | 1% | 1% | -1% | 1% | 1% | 0% | ||||||||
Less: | Pass Through Reimbursable Expenses | 7% | 2% | 23% | 8% | 2% | 24% | ||||||||
Less: | Amortization of Capital Contributions | 1% | 1% | 0% | 1% | 1% | 0% | ||||||||
Less: Managed and Subleased Businesses | 1% | 1% | 0% | 1% | 1% | 0% | |||||||||
Less: Non-Macro Businesses | (1) | 1% | 1% | 1% | 1% | 1% | 1% | ||||||||
Less: | Other Miscellaneous Items | (2) | 2% | 2% | 2% | 2% | 2% | 2% | |||||||
Core Recurring Cash Leasing Revenue | 87% | 92% | 75% | 86% | 92% | 73% |
Note: Percentages may not add up due to rounding
- Includes data centers, distributed antenna systems, connected venues and other non-macro tower revenues.
- Includes out of period billings, cash basis revenues, termination fees, and other miscellaneous items.
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Historical Same Tower Y-o-Y Organic Leasing Revenue Growth Rates (%)(1)
Consolidated
Domestic
International
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
7.5% | 8.8% | 8.2% | 8.9% | 9.3% | 9.1% | 8.1% | ||||||||||||||
6.3% | 3.6% | 4.7% | 4.3% | 4.7% | 5.1% | 4.9% | 4.4% | |||||||||||||
2.5% | ||||||||||||||||||||
1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | 4Q 2022 | 3Q 2022 | 2Q 2022 | |||||||||||||
6.9% | 8.6% | 7.8% | 8.5% | 8.5% | 8.0% | 7.1% | ||||||||||||||
5.9% | ||||||||||||||||||||
2.3% | 3.5% | 4.7% | 4.2% | 5.1% | 5.0% | 4.8% | 4.1% | |||||||||||||
1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | 4Q 2022 | 3Q 2022 | 2Q 2022 | |||||||||||||
13.0% | 13.8% | 12.7% | ||||||||||||||||||
8.1% | 10.1% | 9.4% | 9.7% | 10.3% | ||||||||||||||||
4.2% | 4.5% | 4.8% | 5.4% | 5.4% | 5.6% | |||||||||||||||
3.3% | 2.5% | |||||||||||||||||||
1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | 4Q 2022 | 3Q 2022 | 2Q 2022 | |||||||||||||
Organic Growth | Organic Growth Excluding the Impact of Churn | |||||||||||||||||||
________________
1. Same tower leasing revenue growth represents the newly added cash recurring leasing revenue over the prior twelve month period divided by the total core recurring cash leasing revenue of the prior
year comparable period. This growth is calculated only on the population of towers owned for both the current period and the comparable prior year period on a constant currency basis. | 6 |
Historical Capital Allocation ($M)
2024 YTD | 2023 | 2022 | 2021 | 2020 | ||||||
(in millions) | ||||||||||
Share Repurchases | $ | 106.2 | $ | 100.0 | $ | 431.6 | $ | 582.5 | $ | 856.0 |
Acquisitions | 10.3 | 86.7 | 1,092.5 | 1,225.3 | 181.5 | |||||
Dividends | 108.1 | 370.0 | 306.8 | 253.6 | 207.7 | |||||
Construction and related costs | 34.8 | 98.1 | 103.5 | 61.2 | 54.7 | |||||
Augmentation and tower upgrades | 13.1 | 82.5 | 60.7 | 33.1 | 38.3 | |||||
Land buyouts and other assets | 9.1 | 43.3 | 83.6 | 32.4 | 89.9 | |||||
Tower maintenance | 8.9 | 50.5 | 41.6 | 34.5 | 29.4 | |||||
General corporate | 1.2 | 5.6 | 8.8 | 4.8 | 6.1 | |||||
Total Capital Allocation | $ | 291.7 | $ | 836.7 | $ | 2,129.1 | $ | 2,227.4 | $ | 1,463.6 |
(1) | 6.5x | 6.3x | 6.9x | 7.3x | 7.1x | |||||
Period End Leverage Ratio |
________________
1. Defined as net debt divided by Annualized Adjusted EBITDA (see pages 34 and 35 for reconciliation of these non-GAAP metrics) Note: Historical activity is not necessarily indicative of future capital allocation and totals may not add up due to rounding
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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)
T-Mobile
AT&T Wireless
Verizon Wireless
America Movil | (2) | |
Telefonica | (2) | |
(2) | ||
TIM | ||
(2) | ||
Oi S.A. |
Percentage of Domestic Site Leasing Revenue | |||||||
For the three months ended | |||||||
3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 |
38.8% | 39.5% | 40.0% | 40.7% | 39.6% | 40.4% | 40.9% | 40.8% |
29.5% | 28.9% | 29.3% | 28.0% | 28.4% | 28.8% | 28.8% | 29.0% |
20.0% | 19.6% | 19.4% | 19.9% | 19.9% | 19.9% | 20.1% | 20.2% |
Percentage of International Site Leasing Revenue | |||||||
For the three months ended | |||||||
3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 |
20.3% | 20.9% | 19.7% | 20.2% | 20.1% | 17.7% | 18.8% | 13.2% |
22.0% | 20.7% | 22.8% | 23.4% | 23.1% | 25.9% | 18.6% | 14.9% |
15.8% | 15.8% | 15.7% | 15.1% | 16.0% | 15.7% | 17.2% | 6.9% |
3.5% | 3.8% | 3.4% | 3.4% | 3.3% | 3.5% | 4.0% | 26.1% |
________________
- Customers with less than 10% of total segment site leasing revenue are not presented herein.
- Decrease in Oi S.A. from Q2 2022 and onward is due to sale of Brazil business to other carriers (America Movil/Telefonica/TIM).
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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 | |||||||||||||
3/31/2024 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | |||||||
Brazilian Real | (1) | 15.8% | 16.1% | 16.0% | 16.2% | 15.5% | 15.1% | 12.5% | 13.1% | ||||
Brazilian Real | (2) | 13.0% | 13.0% | 12.9% | 13.1% | 12.4% | 12.1% | 9.2% | 9.9% | ||||
Canadian Dollar | (1) | 0.8% | 0.8% | 0.8% | 0.8% | 0.8% | 0.9% | 0.9% | 0.9% | ||||
South African Rand | (1) | 2.5% | 2.4% | 2.4% | 2.3% | 2.4% | 2.4% | 2.3% | 2.2% | ||||
Tanzanian Shilling | (1) | 1.9% | 1.9% | 1.8% | 2.0% | 2.1% | 2.0% | 2.1% | 2.1% | ||||
Tanzanian Shilling | (2) | 1.2% | 1.1% | 1.1% | 1.1% | 1.2% | 1.2% | 1.2% | 1.3% | ||||
Other | (1) (3) | 1.1% | 1.3% | 1.2% | 1.2% | 1.2% | 1.1% | 1.1% | 1.1% | ||||
- Defined as (A) the USD equivalent of Total Cash Site Leasing Revenue generated in functional currency divided by (B) Consolidated Total Cash site leasing revenue
- Defined as (A) the USD equivalent of Total Cash Site Leasing Revenue generated in country minus pass through reimbursable expenses generated in country divided by (B) Consolidated Total Cash site leasing revenue minus Consolidated pass through reimbursable expenses
- Other includes the contribution from revenues denominated in Chilean Pesos, Peruvian Soles, Colombian Pesos, Philippines Pesos, and Costa Rican Colones.
Note: All contributions from individual countries that are less than 0.8% of total cash site leasing revenue will be combined on the line labeled "Other"
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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 | ||||||||||||||||
3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | |||||||||
(in thousands) | ||||||||||||||||
Domestic | $ | 9,356 | $ | 9,084 | $ | 9,030 | $ | 9,292 | $ | 9,304 | $ | 9,177 | $ | 9,183 | $ | 9,279 |
International | 37,627 | 40,056 | 39,909 | 40,094 | 38,892 | 37,218 | 36,274 | 35,470 | ||||||||
Total | $ | 46,983 | $ | 49,140 | $ | 48,939 | $ | 49,386 | $ | 48,196 | $ | 46,395 | $ | 45,457 | $ | 44,749 |
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Disclaimer
SBA Communications Corporation published this content on 26 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 20:26:17 UTC.