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Mar 31, 2023
SBA Q1 2023 Earnings Report
SBA Communications reported solid first quarter results, exceeding expectations in site leasing revenue and AFFO per share, and updated full year outlook.
Key Takeaways
SBA Communications Corporation reported first quarter 2023 results, featuring a 10.3% growth in site leasing revenue and an AFFO per share of $3.13. The company has updated its full year outlook for site leasing revenue, adjusted EBITDA, and AFFO. A quarterly cash dividend of $0.85 per share was declared.
Net income was $100.6 million, or $0.92 per share.
AFFO per share reached $3.13.
Site leasing revenue totaled $617.3 million, a 10.3% increase year-over-year.
The company increased its full year outlook for site leasing revenue, adjusted EBITDA, and AFFO.
SBA
SBA
SBA Revenue by Segment
SBA Revenue by Geographic Location
Revenue by Segment
Domestic Site Leasing Revenue
CapyFin.comInternational Site Leasing Revenue
CapyFin.comSite Development Revenue
CapyFin.comRevenue by Geographic Location
Domestic Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
The Company is updating its full year 2023 Outlook for anticipated results, assuming acquisitions under contract close and average foreign currency exchange rates.
Positive Outlook
- Site leasing revenue is projected to be between $2,481.0 million and $2,501.0 million.
- Total revenues are expected to range from $2,686.0 million to $2,726.0 million.
- Tower Cash Flow is forecasted to be between $1,978.0 million and $1,998.0 million.
- Adjusted EBITDA is anticipated to be between $1,855.0 million and $1,875.0 million.
- AFFO per share is projected to be between $12.55 and $12.91.
Challenges Ahead
- Net cash interest expense is expected to be between $378.0 million and $383.0 million.
- Non-discretionary cash capital expenditures are projected to be between $54.0 million and $64.0 million.
- Discretionary cash capital expenditures are anticipated to be between $330.0 million and $350.0 million.
- The outlook assumes acquisitions of only those communication sites under contract.
- The outlook does not contemplate additional repurchases of the Company’s stock or new debt financings.
Revenue & Expenses
Visualization of income flow from segment revenue to net income