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Dec 31, 2020
SBA Q4 2020 Earnings Report
Reported strong Q4 2020 results with material growth in AFFO per share and provided full year 2021 outlook.
Key Takeaways
SBA Communications Corporation reported a strong finish to 2020, with the fourth quarter being the strongest in terms of customer activity. The company produced material growth in AFFO per share and increased its quarterly cash dividend by approximately 25%.
Net income was $105.8 million, or $0.94 per share, and site leasing revenue was $493.0 million.
AFFO per share grew by 18.8% over the year earlier period on a constant currency basis.
The company repurchased 2.2 million shares cumulatively in the fourth quarter and subsequent to quarter end.
A new master lease agreement with Dish was signed subsequent to quarter 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 provided its initial full year 2021 Outlook for anticipated results, which assumes acquisitions of only those communication sites under contract and anticipated to close. The Outlook also does not contemplate any additional repurchases of the Company’s stock during 2021.
Positive Outlook
- Site leasing revenue is expected to be between $2,032.0 million and $2,052.0 million.
- Site development revenue is projected to be between $140.0 million and $160.0 million.
- Total revenues are anticipated to be between $2,172.0 million and $2,212.0 million.
- Tower Cash Flow is forecasted to be between $1,664.0 million and $1,684.0 million.
- Adjusted EBITDA is expected to be between $1,562.0 million and $1,582.0 million.
Challenges Ahead
- Net cash interest expense is projected to be between $358.0 million and $368.0 million.
- Non-discretionary cash capital expenditures are expected to be between $37.0 million and $47.0 million.
- AFFO is forecasted to be between $1,117.0 million and $1,163.0 million.
- AFFO per share is expected to be between $10.00 and $10.41.
- Discretionary cash capital expenditures are projected to be between $1,200.0 million and $1,220.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income