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Jun 30, 2020
SBA Q2 2020 Earnings Report
Reported second quarter results, updated full year outlook, and declared quarterly cash dividend.
Key Takeaways
SBA Communications Corporation reported strong second-quarter results, with net income of $22.8 million and site leasing revenue of $482.4 million. The company lowered its weighted average interest rate, extended maturities, and increased liquidity.
Net income was $22.8 million, or $0.20 per share, with site leasing revenue reaching $482.4 million.
AFFO per share grew by 14.8% compared to the previous year on a constant currency basis.
Tower Cash Flow and Adjusted EBITDA margins were 81.8% and 72.8%, respectively.
The company issued $1.35 billion of Tower Securities at a blended rate of 2.081% subsequent to the quarter's end.
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 2020 Outlook for anticipated results. The Outlook provided is based on a number of assumptions that the Company believes are reasonable at the time of this press release.
Positive Outlook
- Site leasing revenue is expected to be between $1,937.0 million and $1,957.0 million.
- Tower Cash Flow is projected to be between $1,577.0 million and $1,597.0 million.
- Adjusted EBITDA is anticipated to range from $1,471.0 million to $1,491.0 million.
- AFFO is forecasted to be between $1,018.0 million and $1,063.0 million.
- AFFO per share is expected to be between $8.94 and $9.33.
Challenges Ahead
- Site development revenue is expected to be between $110.0 million and $130.0 million.
- Net cash interest expense is projected to be between $375.0 million and $385.0 million.
- Non-discretionary cash capital expenditures are anticipated to be between $31.0 million and $41.0 million.
- Discretionary cash capital expenditures are expected to be between $325.0 million and $345.0 million.
- The Outlook also does not contemplate any additional repurchases of the Company’s stock during 2020
Revenue & Expenses
Visualization of income flow from segment revenue to net income