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Dec 31, 2021
SBA Q4 2021 Earnings Report
SBA Communications reported solid Q4 2021 results, marked by revenue growth and increased AFFO per share.
Key Takeaways
SBA Communications Corporation reported an 11.1% increase in total revenue, reaching $595.3 million, and a net income of $48.9 million, or $0.44 per share. AFFO per share increased by 13.3% on a constant currency basis. The company also declared a quarterly cash dividend of $0.71 per share, reflecting confidence in its future performance.
Total revenue increased by 11.1% year-over-year to $595.3 million.
Net income was reported at $48.9 million, or $0.44 per share.
AFFO per share increased by 13.3% year-over-year on a constant currency basis.
A quarterly cash dividend of $0.71 per share was declared, a 22% increase over Q4 dividend.
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
SBA Communications provided its initial full year 2022 Outlook, anticipating continued strong performance driven by customer activity and demand for wireless communications infrastructure. The guidance assumes acquisitions of communication sites under contract and average foreign currency exchange rates. The outlook does not contemplate any additional repurchases of the company’s stock during 2022.
Positive Outlook
- Strong customer activity and demand for wireless communications infrastructure are expected to continue.
- Largest US customers are disclosing robust capital expenditure plans for 2022.
- Domestic activity is expected to remain strong into 2023 and perhaps beyond, given the size and scope of customers’ 5G deployment plans.
- Gross leasing demand is expected to remain strong internationally, particularly in light of the recent 5G spectrum auction in Brazil and the upcoming 5G spectrum auction in South Africa.
- New markets in Tanzania and the Philippines are expected to grow favorably in the years to come.
Challenges Ahead
- Guidance assumes acquisitions of only those communication sites under contract and anticipated to close at the time of this press release.
- The Outlook also does not contemplate any additional repurchases of the Company’s stock during 2022.
- The Outlook assumes an average foreign currency exchange rate of 5.45 Brazilian Reais to 1.0 U.S. Dollar, 1.27 Canadian Dollars to 1.0 U.S. Dollar, 2,300.00 Tanzanian shillings to 1.0 U.S. Dollar, and 15.60 South African Rand to 1.0 U.S. Dollar for the full year 2022 outlook.
- These 2022 foreign currency rate assumptions negatively impacted the 2022 full year Outlook by approximately $6.7 million for leasing revenue, $4.6 million for Tower Cash Flow, $3.9 million for Adjusted EBITDA, and $3.5 million for AFFO.
- Potential risks could cause the actual results to differ from these forward-looking statements.
Revenue & Expenses
Visualization of income flow from segment revenue to net income