Loading...
•
Dec 31, 2023
SBA Q4 2023 Earnings Report
SBA Communications reported strong Q4 2023 results, exceeding expectations for Site Leasing Revenue, Tower Cash Flow, Adjusted EBITDA, and AFFO, and increased its quarterly cash dividend by 15%.
Key Takeaways
SBA Communications Corporation reported Q4 2023 results with a net income of $109.5 million, or $1.01 per share, and AFFO per share of $3.37, representing an 8.0% growth over the prior year period. The company's Board of Directors declared a quarterly cash dividend of $0.98 per share, a 15% increase. The company ended the quarter with $247.7 million in cash and cash equivalents.
Net income was $109.5 million, or $1.01 per share.
AFFO per share reached $3.37, an 8.0% increase year-over-year.
A quarterly cash dividend of $0.98 per share was declared, marking a 15% increase.
Site leasing revenue totaled $636.1 million, comprised of $466.6 million domestically and $169.5 million internationally.
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 2024 Outlook, which assumes the acquisitions of only those communication sites under contract and anticipated to close at the time of this press release and the refinancing of the $620.0 million 2014-2C Tower Securities on July 1, 2024, at a fixed rate of 6.000%.
Positive Outlook
- Site leasing revenue is projected to be between $2,529.0 million and $2,549.0 million.
- Site development revenue is expected to range from $140.0 million to $160.0 million.
- Total revenues are anticipated to be between $2,669.0 million and $2,709.0 million.
- Tower Cash Flow is forecasted to be in the range of $2,046.0 million to $2,066.0 million.
- Adjusted EBITDA is projected to be between $1,894.0 million and $1,914.0 million.
Challenges Ahead
- Net cash interest expense is projected to be between $356.0 million and $361.0 million.
- Non-discretionary cash capital expenditures are expected to be between $51.0 million and $61.0 million.
- AFFO is forecasted to be between $1,433.0 million and $1,473.0 million.
- AFFO per share is projected to be between $13.15 and $13.51.
- Discretionary cash capital expenditures are expected to be between $320.0 million and $340.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income