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.

2

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

  1. Represents core recurring cash leasing revenue (see page 5 for reconciliation of this non-GAAP metric)
  2. Includes contributions from acquisitions and new infrastructure builds
  3. Includes pass-through reimbursable expenses, amortization of capital contributions for tower augmentations, managed and non-macro business and other miscellaneous items
  4. Based on guidance issued on April 29, 2024

$2,527

$1,857

$670

2024 Total Site

Leasing Revenue

Midpoint (4)

4

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

  1. Includes data centers, distributed antenna systems, connected venues and other non-macro tower revenues.
  2. Includes out of period billings, cash basis revenues, termination fees, and other miscellaneous items.

5

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

7

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%

________________

  1. Customers with less than 10% of total segment site leasing revenue are not presented herein.
  2. Decrease in Oi S.A. from Q2 2022 and onward is due to sale of Brazil business to other carriers (America Movil/Telefonica/TIM).

8

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%

  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
  2. 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
  3. 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"

9

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

10

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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.