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Dec 31, 2024
SBA Q4 2024 Earnings Report
SBA Communications reported solid financial performance in Q4 2024, with increased revenue, net income, and operating income.
Key Takeaways
SBA Communications Corporation reported strong Q4 2024 results, with net income of $178.8 million and revenue of $693.7 million. Site leasing remained the primary revenue driver, with international leasing contributing significantly. The company also reduced its debt leverage ratio to a historic low and announced a 13% increase in its quarterly dividend.
Net income increased to $178.8 million, up 63.3% YoY.
Total revenue grew to $693.7 million, a 2.8% YoY increase.
Adjusted EBITDA reached $489.3 million, reflecting a 1.8% YoY rise.
The company declared a quarterly cash dividend of $1.11 per share, up 13% from the prior quarter.
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 expects continued strong performance in 2025, driven by organic growth in site leasing and strategic acquisitions. However, currency fluctuations and expected churn will have some impact on financials.
Positive Outlook
- Projected revenue between $2.69B and $2.73B for FY 2025.
- Expected Adjusted EBITDA of $1.89B to $1.91B.
- AFFO per share forecasted between $12.40 and $12.76.
- Leverage ratio at a historic low of 6.1x.
- Continued expansion through new tower builds and acquisitions.
Challenges Ahead
- Foreign exchange fluctuations negatively impact revenue projections.
- Sprint consolidation churn expected to reduce site leasing revenue.
- Declining site development revenue compared to prior year.
- Interest expenses remain a significant cost.
- Potential regulatory delays in international transactions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income